Sao Carlos Reports Good Results in 1Q11
GROSS REVENUE OF R$ 51 MN AND EBITDA MARGIN OF 84%
SAO PAULO, May 9, 2011 /PRNewswire/ -- Sao Carlos Empreendimentos e Participacoes SA (BM&FBovespa: SCAR3) announces today its results for the first quarter of 2011.
- GROSS RENT REVENUE of R$51 million in 1Q11 (+45% vs. 1Q10). On same property basis, the increase was approximately 15%;
- RECURRING GROSS REVENUE ESTIMATED AT R$ 220 MILLION/YEAR;
- EBITDA MARGIN at 84% and FFO MARGIN at 39% in 1Q11. If we exclude the provision for bonus payments and the expense from the stock option plan, the 1Q11 EBITDA margin would be 88%;
- NET PROFIT OF R$ 12 MILLION IN 1Q11;
- PORTFOLIO'S APPRAISAL VALUE estimated at R$2.24 billion, and NAV reaches R$1.70 billion (R$30/share);
- SAO CARLOS REACHED ZERO VACANCY IN ITS PROPERTIES IN RIO DE JANEIRO after leasing Meier property; and
- CASH BALANCE OF R$ 306 MILLION AT MARCH 2011 END, allied with good leverage capacity
To download the "1Q11 Earnings Release", please access our website: www.scsa.com.br/ir and to listen to our conference call on the 1Q11 results use the information below:
ENGLISH (MAY 10, 2011, TUESDAY) |
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11:00 A.M. (NEW YORK TIME) |
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12:00 P.M. (BRASILIA TIME) |
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TEL: +1 (412) 317-6776 |
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CODE: SAO CARLOS |
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Investor Relations Department
Phone: (55 11) 3048-5413
E-mail: [email protected]
Sao Carlos is one of the main companies in the sector of investment and administration of commercial properties in Brazil. Our goal is to maximize rental revenues from the company's real estate, the assets' renting potential and the portfolio's market value. Our business strategy includes the investment in new commercial properties, reform and maintenance of our real estate, optimization of condominium administration and sale of properties that already attained maturation. We currently have a portfolio which includes mainly office buildings and retail stores located in the States of Sao Paulo and Rio de Janeiro.
SOURCE Sao Carlos Empreendimentos e Participacoes SA
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