Rodobens Negocios Imobiliarios Announces its 2Q10 Results

SAO JOSE DO RIO PRETO, Brazil, Aug. 9 /PRNewswire-FirstCall/ -- Rodobens Negocios Imobiliarios (Bovespa: RDNI3), integrated real estate developer and homebuilder with more than 19 years of operations and focus on cities in the inland of Brazil, discloses today its audited results of the second quarter (2Q10).

The financial and operating information are presented on a consolidated basis in accordance with the Brazilian standard accounting practices (BRGAAP) and in Brazilian Reais (R$).

2Q10 Performance Highlights

• Net revenue grew 10.1% vs. 2Q09 reaching R$157MM.
• Company margins return:
  • Gross Margin: 33.2% of net revenue, representing a growth of 6.9 percentage points vs. 2Q09; Gross Profit of R$52MM.
  • EBITDA Margin: 21.4% of net revenue, an increase of 5.3 percentage points vs. 2Q09; EBITDA of R$34MM.
  • Net Margin: 11.3% of net revenue, representing a growth of 1 percentage point vs. 2Q09; Net Profit of R$18MM.
• Transfer/Sales of client balances to banks represented R$151MM for Rodobens' share only, (total of R$212MM including partners), representing a growth of 71.6% vs. 1Q10.
• Debentures FGTS: R$300MM. Issued on June 2nd and disbursed on June 21th. Resources destined to finance 90% of all production costs of eligible SPVs (except commissioning from commercial expenses).
• Quarter record of launches and sales:
  • Launches reached R$262MM regarding Rodobens' share only, representing 4,431 units, a growth of 31.6% vs. 2Q09.
  • Contracted sales totalized R$238MM for Rodobens' share only, representing 3,788 units, a growth of 69.2% vs. 2Q09.
• Subsequent events:
  • Landbank replacement: On July, two areas in Sao Jose do Rio Preto/SP were acquired by Rodobens, representing a construction potential of 6,360 units and PSV of R$458MM, destined to Moradas product on economic segment.
  • MP 497 (provisional executive order), published on July 28th, which brings back to 1% RET the products Moradas with price range between R$60k and R$75k as eligible.

The conference calls will be accompanied by slides presentation that will be available at www.rodobens.com/negociosimobiliarios/ir

SOURCE Rodobens