SAO PAULO, May 9, 2013 /PRNewswire/ -- Cyrela Commercial Properties S.A. Empreendimentos e Participacoes (BM&F-Bovespa: CCPR3) announced yesterday its 1Q13 results.
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 www.ccpsa.com.br/ri.
May 9, 2013
Time: 11:30 am (EST)
Dial in: +1 (412) 317-6776
Tel.: (11) 3018-7601
E-mail: [email protected]
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