Multiplan Announces Third Quarter Results with a Profit Growth of 69% and 58% Increase in the EBITDA |
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By: Multiplan Empreendimentos Imobiliarios S.A. Posted: 2007-11-13 05:08:20 |
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Multiplan Empreendimentos Imobiliarios S.A. (Bovespa: MULT3), the largest mall company by revenue in Brazil and most profitable company in its industry, with a portfolio of 12 owned malls, all market leaders in their cities, with two malls under construction with inauguration expected in August 2008 and May 2009, and four third party malls under management, announces its 3Q07 results.
- Multiplan recorded gross revenue in 3Q07 of R$93.1 million, an increase of 39.4% in relation to the R$66.8 million in 3Q06. - Headquarter office expenses fell 31.9% to R$13.1 million in 3Q07, versus R$19.2 million in 3Q06. - Adjusted EBTIDA rose 57.7% to R$48.9 million in the quarter, from R$31.0 million in 3Q06. - Adjusted Income grew by 69.0% to R$40.4 million, against R$23.9 million in 3Q06. - In partnership with WTorre group, Multiplan has launched a new business strategy of leasing corporate towers complex under a real estate mix used development. We are now exploring the opportunity to develop two towers and one hotel adjacent to MorumbiShopping. - The expansion timeline was moved forward in the third quarter to increase Multiplan's estimated GLA by 99,1% until 2009, from 18,905 sq.m. to 37,642 sq.m., leading its GLA from 252 thousand sq.m. to 350 thousand sq.m. in 2009, considering its two shopping under construction. - Acquisition of several land parcels, in particular the 27,370 sq.m. lot adjacent to the mall ParkShoppingBarigui, which will allow a future expansion linked to a multiuse project, which among other benefits, will provide the mall with a direct access to BR277, a heavy traffic expressway. CONFERENCE CALLS Portuguese November 13, 2007 11:00 am (Brasilia) 8:00 am (US EST) Tel.: +55 (11) 4688-6301 Replay: +55 (11) 4688-6312 Code: MULTIPLAN English November 13, 2007 12:30 pm (Brasilia) 9:30 am (US EST) Tel.: +1 (480) 293-1744 Replay: +1 (303) 590-3030 Code: 3797968 |
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