CCP announces 1Q13 results - Net Profit is R$45.4 million; EBITDA totals
SAO PAULO, May 9, 2013
SAO PAULO, May 9, 2013 /PRNewswire/ -- Cyrela Commercial Properties S.A.
Empreendimentos e Participacoes (BM&F-Bovespa: CCPR3) announced yesterday its
The financial vacancy (revenues achieved over total potential revenues) was
2.0%. The office portfolio vacancy was 1.1% while the distribution center
portfolio maintained full occupancy. On the shopping center portfolio,
financial vacancy stood at 2.3%.
Net Revenues reached R$70.2 million (+41.8% over 1Q12). Recurring Revenues
totaled R$62.5 million, a 30.2% increase over 1Q12.
EBITDA was R$53.5 million (+66.9% vs. 1Q12). Adjusted EBITDA (which excludes
the development-related activities) reached R$40.6 million (+23.5%). EBITDA
and Adjusted EBITDA Margins were, respectively, 76.2% and 78.2%.
CCP recorded NOI of R$47.0 million (NOI Margin: 93.4%) and FFO of R$47.3
million (FFO Margin: 67.4%). Net Profit was R$45.4 million (+176.0% over 1Q12)
with a 64.7% Net Margin. Net Profit per share closed 1Q13 at R$0.549.
During the quarter, CCP sold a 90% ownership interest at the Jundiai
Industrial Park to institutional investor, and conducted the Third Issue of
Debentures, in the amount of R$150 million, which will be used to fund the
Company's working capital needs, namely on the 16 sites currently under
development. After the quarter, the Company increased its stake at the Grand
Plaza by 1.68% to 61.41% and had its corporate ratings upgraded by Fitch
Ratings to BB+ (IDR, long term) and AA(bra) on the local scale.
For more information, visit the Company's Investor Relations website at
May 9, 2013
Time: 11:30 am (EST)
Dial in: +1 (412) 317-6776
Tel.: (11) 3018-7601
CCP is one of Brazil's leading companies of development, acquisition, leasing,
sale and management of commercial real estate. The Company focuses on the
Triple A Corporate Office Buildings, Shopping Malls and Industrial
Distribution Center and has operations in Sao Paulo, Rio de Janeiro, Minas
Gerais, Goias, Bahia and Para.CCP has a operational portfolio of 226 thousand
square meters (Gross leasable area) and another 314 thousand square meters
under development, to be delivered on coming periods. With over 16 years of
experience in the field, the Company resulted from the spin-off, in 2007, of
commercial real estate-related assets of Cyrela Brazil Realty. The Company is
listed at the Novo Mercado in the Brazilian BMF&Bovespa exchange. It trades
under the ticker symbol CCPR3.
SOURCE Cyrela Commercial Properties S.A. Empreendimentos e Participacoes
Press spacebar to pause and continue. Press esc to stop.