October 29, 2007 03:31 ET

PARQUESOL : Parquesol Announces Q3 2007 Results The company maintains its forecast for 2007

MADRID, SPAIN--(Marketwire - October 29, 2007) - Parquesol Announces Q3 2007 Results

The company maintains its forecast for 2007

Madrid, 29 October 2007.- Parquesol, a real-estate company 60.70%-owned by the San José Group with three decades of sector experience and businesses in Spain, Portugal, France and Poland, announces its results for the first nine months of 2007.


The Company generated EUR 111 million in revenues over this period, posting EUR 24.8 million in profit, both down 48% on the first nine months of 2006. This is not just due to fewer real-estate transactions but rather primarily to delivery delays we experienced in 2007.

If, as we hope, there are no delivery delays in the fourth quarter, Parquesol will meet its results forecasts for 2007 with development revenues down by roughly 15% on 2006.

Of note during this period was the sharp increase in rental income, up 15% from EUR 13.418 million in 2006 to EUR 15.388 million over the first nine months of 2007.

In percentage terms, 45% of revenues billed over the first nine months were from residential development, 14% from rental income, 36% from land sales and, lastly, 5% from asset divestments. The overall gross margin amounted to 56.3% compared to 47.2% in the same period in 2006.


In terms of material transactions, the Company paid out a total of EUR 40.5 million in 2007 for land purchases (primary and secondary residences) and the development of its own projects (office rentals).


On 16 July, Parquesol distributed EUR 16.2 million in dividends, representing a gross of EUR 0.4078 per share, as approved by the Ordinary General Shareholders' Meeting of 26 June.


Parquesol is currently being integrated with the San José Group. According to Jacinto Rey, the Chairman, this move will create a new Group that is "more diversified, larger, more capable of undertaking large projects and successfully able to weather more challenging periods".

For further information on this press release, please contact:

Pilar Fernández. Communication Manager.

Tel: +34 91-799-49-90. Fax: +34 91-799-49-97.


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