Sao Carlos' net income for 2Q13 was up 28.4%
Adjusted EBITDA closed the period totaling R$58.2 million, for a margin of 84.9%
SAO PAULO, Aug. 6, 2013 /PRNewswire/ -- Sao Carlos Empreendimentos, one of Brazil's leading commercial real estate investment and management companies, discloses today its results for the second quarter of 2013. From April to June, the Company's net income climbed 28.4% year over year, totaling R$23.8 million. At the same period, EBITDA – earnings before interest, taxes, depreciation and amortization – was up 8.2% and stood at R$58.2 million, for a margin of 84.9%.
The Company's net income at the end of the first half of 2013 was R$46.2 million, up 18.7% year over year. EBITDA totaled R$115.5 million, a 10.2% increase, for a margin of 86.1%.
Other Company's indicators prove its excellent results in the second quarter of 2013. Gross revenue from leases totaled R$73 million, up 7.5% over the same period last year. Funds From Operations (FFO) was up 20%, for a total of R$30.5 million in 2Q13. In the same period, Sao Carlos' portfolio physical vacancy rate was 2.9%, whereas the financial rate was 2.8%.
The Company's growth was mainly led by lease agreements adjusted for inflation and renegotiation or renewal of agreements whose out-of-date leasing prices were brought to market levels. Between April and June, Sao Carlos had an average real gain of 15% in ten agreements which were renegotiated, equivalent to 10% of recurring revenue.
Sao Carlos' shares were included in the MSCI (Morgan Stanley Capital International) Global Small Cap index. The new theoretical portfolio, comprising the Company's shares, is effective since June 3, 2013. In addition, the Board of Directors of the Company approved a shares buyback program in the amount of 1,000,000 shares for 1 year term.
To download the full version of our "2Q13 Earnings Release", please access our website at www.scsa.com.br/ir
CONFERENCE CALL
ENGLISH (August 7, 2013)
10:00 a.m. (New York)
11:00 a.m. (Brasilia)
Phone: +1 (412) 317-6776
Code: Sao Carlos
About Sao Carlos
Sao Carlos is one of the leading companies in Brazil's commercial real estate investment and management sector.
CONTACT
Carolina Marcondes – [email protected]
Phone: +55 (11) 5501-4655
SOURCE Sao Carlos Empreendimentos e Participacoes S.A.
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