RIO DE JANEIRO, Brazil, Aug. 15 /PRNewswire-FirstCall/ -- Brascan
Residential Properties S.A. ("Brascan" or "Company" or "BRP") (Bovespa:
BISA3), one of the largest integrated developers in Brazil, announced today
its results for the second quarter of 2008.
HIGHLIGHTS
-- Four developments launched in the second quarter amounted R$369.4
million in PSV, being three projects targeted to the mid-low, middle and
mid-high residential segment in the states of Sao Paulo and Goias, and one
office project in the Federal District.
-- MB Engenharia S.A. ("MB") operations growing with contracted sales
reaching R$56.1 million in the second quarter of 2008.
-- Total contracted sales in the second quarter reached R$202.8
million, an increase of 72% compared to the second quarter of 2007.
-- Net revenue totaled R$217.4 million, a 115% increase when compared
to the same period of the previous year.
-- Gross profit amounted to R$119.3 million in the second quarter, up
124% from the second quarter of 2007.
-- EBITDA reached R$89.4 million in the second quarter, which
represents growth of 110% compared to the same period of 2007. EBITDA
margin in the second quarter of 2008 was 41.1%.
-- Net income reached R$51.9 million in the second quarter,
representing a 59% increase over the same period of 2007.
-- Cash and cash equivalents as of June 30, 2008 totaled R$349.7 million.
-- On June 30, net debt totaled R$146.9 million.
-- During the quarter, 1,182,100 shares were acquired at an average
price of R$9.05 per share according to the approved share repurchase
program.
To access the full version of the press release, please visit our
website at http://www.brascanresidential.com.br/ri.
UPCOMING EVENTS
English Portuguese
Date: August 15, 2008 Date: August 15, 2008
Time: 9 a.m. (NY) Time: 2 p.m. (NY)
10 a.m. (Brasilia) 3 p.m. (Brasilia)
2 p.m (London) 7 p.m. (London)
6 a.m. (Los Angeles) 11 a.m. (Los Angeles)
Phone: +1 (404) 665-9587 Phone: +55 (11) 2188-0188
Code: 58185696 Code: Brascan
Replay: +1 (706) 645-9291 Replay: +55 (11) 2188-0188
Replay Code: 58185696 Replay Code: Brascan
Webcast: available at our website Webcast: available at our website
http://www.brascanresidential.com.br/ri http://www.brascanresidential.com.br/ri
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[Via Real Estate Newswire]
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