Of the big Spanish developers quoted on the Madrid stock exchange that have announced first quarter results, most have reported multi-million Euro losses.

Metrovacesa reported the biggest loss, of 90 million Euros, compared to earnings of 102 million Euros in the same period last year. However, Metrovacesa’s losses were largely thanks to a 60 million hit on its investment in the French property company Gecina, rather than operating losses in Spain. Metrovacesa’s bank creditors have taken control of the company after the Sanahuja family failed to meet debt payments.

Spanish developer Realia lost 9.4 million Euros, compared to profits of 26.7 million Euros in the same period last year.

Martinsa-Fadesa lost 27 million Euros, an improvement of 68% on the previous quarter. Martinsa-Fadesa has been in court administration since July 2008.

Reyal Urbis, on the other hand, was back in the black, with a profit of 22.5 million Euros, in large part due to a tax credit.

So what? Well, the results of the big developers are one way to take the pulse of the Spanish property market. This, coupled with the fact that their combined number of new house starts has fallen almost to zero, shows that there is not much sign of any recovery.