SOURCE: Camargo Correa Desenvolvimento Imobiliario

Camargo Correa Desenvolvimento Imobiliario

May 14, 2011 06:03 ET

Camargo Correa Desenvolvimento Imobiliario Announces Its Consolidated Financial Results for the First Quarter of 2011

SAO PAULO, BRAZIL--(Marketwire - May 14, 2011) - CAMARGO CORRÊA DESENVOLVIMENTO IMOBILIÁRIO ("CCDI" or the "Company") (BOVESPA: CCIM3) announces its consolidated financial results for the first quarter of 2011. The numbers should be read together with the Company's Financial Statements and the respective Explanatory Notes.

INCREASE IN NET REVENUE, GROSS INCOME AND EBITDA IN THE COMPARISON WITH 1Q10(1)

Contracted Sales reached R$316.5 million, 64.1% higher than in 1Q10

HIGHLIGHTS OF THE PERIOD:

Launchings:

  • CCDI launches R$204.3 million in 1Q11, 16.8% higher than 1Q10, totaling 1,507 units.
  • Launchings in the low income segment increased 307.1%, accounting for 48% of CCDI's total in 1Q11.

Contracted Sales:

  • Contracted Sales in 1Q11 reached R$316.5 million, increase of 64.1% in comparison to 1Q10.
  • Regional offices share in total sales accounted for 26.3% in 1Q11, a 22.1 p.p. growth when compared to 4Q10.

Sales over Total Offer (VSO)

  • Consolidated Sales over Total Offer was 22.8% in 1Q11, an increase of 3.4 p.p. in comparison to 1Q10.

Net Revenue Increased 58.0% in comparison to 1Q10(1).

Gross Income increased 25.6% in comparison with 1Q10(1), highlighting the low income segment, that reached R$15.0 million in 1Q11, 59.9% higher than 1Q10.

Ebitda accounted a growth of 5.2% in comparison to the same quarter last year(1).

Land Bank: Purchase of two plots in 1Q11: one in the metropolitan region of São Paulo and one in Curitiba.

Development Delivery:

  • Delivery of 2 developments in the low income segment on 1Q11, in the beginning of April we delivered the developments Innova (in Osasco) and Interclubes Phase 1 in Interlagos neighborhood in São Paulo.

(1) Excludes revenue from the Sale of Land Itautec for $100 million in 1Q10, this deal has generated a positive impact of $49.4 million in Net Income

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