RIO DE JANEIRO, Aug. 8, 2018 /PRNewswire/ -- Aliansce Shopping Centers S.A. (B3: ALSC3), one of Brazil's largest shopping malls owners and operators, announced today its financial results for the second quarter of 2018.
- Total sales reached R$1.4 billion during 2Q18, a 2.2% growth, despite some important headwinds during the quarter. Same stores sales showed a small 0.4% seasonally-adjusted increase.
- Renegotiation of R$600 million in debt, representing R$6.1 mn/year in savings and cost reduction of 120 bps, while preserving long-term maturity.
- Lower mall costs and PDA brought EBITDA to R$97.7 million, with 74.4% margin – a gain of 578 bps yoy.
- AFFO reached R$ 55.9 million, with 864 bps higher margin as a result of the renegotiation of fixed-rate financing and a more efficient corporate structure.
- Parque Shopping Belém's expansion will increase GLA by 29.4%. The first phase of expansion is fully leased and should open by 1Q19.
- Provisions for doubtful accounts decreased by 27.1% and represented 3.6% of net revenue, compared to 4.9% in 2Q17.
- Store leasing activity sustained at positive level, with 457 stores leased in the last 12 months, 13.7% higher yoy, bringing the portfolio's occupancy rate to 96.1%.
- Leadership transition concluded, with Rafael Sales appointed as the Company's new CEO, succeeding Renato Rique, who became Executive Chairman of the Board of Directors.
For a full version of 2Q18 Earnings Release and Earnings Presentation, please follow the link to our IR webpage: http://ir.aliansce.com.br
According to Mr. Rafael Sales, CEO, "Our malls ended 2Q18 with 2.2% sales growth, despite some one-off events that impacted the malls' flow of visitors during the quarter. The intense commercial activity is improving tenant mix. We should continue to see positive trends as occupancy increases, newer contracts mature, and delinquency trends lower." Mr. Sales also added that "the results encourage us to continue to execute our debt reprofiling strategy, to improve corporate efficiency and foster future growth opportunities."
Aliansce will hold a live conference call and webcast in English to discuss 2Q18 results on August 9th, at 10:00 a.m. ET / 11:00 a.m. BRT. Investors may access the conference call dialing +1 646 828-8246 / +55 (11) 3193-1001 and using the code "Aliansce". The webcast is accessible at http://ir.aliansce.com.br
SOURCE Aliansce Shopping Centers S.A.