Brascan - Land Bank Reached a Total Potential Sales Value of R$11 Billion With Tambore Acquisition Launches to Date in the Nine Months Reached R$700 Million
Posted on: Wednesday, 14 November 2007, 09:01 CST
RIO DE JANEIRO, Brazil, Nov. 14 /PRNewswire-FirstCall/ -- Brascan Residential Properties S.A. (Bovespa: BISA3), one of the largest integrated developers in Brazil, focused on the mainstream, high-end and luxury segments, announced today its results for the 3Q07 and the nine months ended on September 30, 2007.
Highlights - 3Q07 e 9M07 -- Projects launched in the 3Q07 totaled R$495 million of PSV, bringing total sales value to the end of the third quarter to R$700 million -- 2007 launching guidance increased by 27% to between R$900 million to R$1 billion compared with prior guidance of between R$700 to R$800 million -- Subsequent to quarter end, the acquisition of Tambore S.A. was completed. With this acquisition, the total saleable area and the PSV of the company's controlled land bank increased to approximately five million square meters or potential sales revenue of R$11 billion, respectively -- Geographical diversification was increased as launches to date were as follows: Barra da Tijuca - Rio de Janeiro 43.8%; Barueri City (Alphaville) 40%; North Region of Rio de Janeiro 8.6% and Sao Paulo City 7.6% -- Contracted sales for the 9M totaled R$322.3 million, an increase of 80%, excluding the sale of the investment units that took place in the first quarter of 2006, as part of our reorganization process. Until 11/13/2007 accumulated contracted sales amounted to R$445 million -- The Company's construction division started its operations in Sao Paulo, reaching 281 thousand square meters of construction in progress -- EBITDA reached R$105.3 million in the first 9M07 -- In the third quarter, gross profit totaled R$36.8 million and EBITDA totaled R$26.7 million -- In the 3Q07, gross margin and EBITDA margin reached 54.5% and 39.6%, respectively -- Net income increased from R$0.9 million last year in the 3Q07 to R$20.0 million this year -- Cash and cash equivalents as at September 30, 2007 totaled R$406.7 million -- Quarter-end gross debt totaled R$225.7 million, compared with R$764.1 million in the same period of the previous year Conference Call (English) Date: November 14, 2007 Time: 10 a.m. (ET) 1 p.m. (Brasilia Time) Phone: +1 (973) 935-8893 Code: 9393866 Replay: +1 (973) 341-3080 Replay Code: 9393866 Webcast: available at our website http://www.brascanresidential.com.br/ir
Brascan Residential Properties S.A.
CONTACT: Horacio Piedras, Investor Relations, Brascan ResidentialProperties S.A., 55-21-3823-7520
Web site: http://www.brascanresidential.com.br/ir
Source: PRNewswire-FirstCall
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