SOURCE: Camargo Correa Desenvolvimento Imobiliario

Camargo Correa Desenvolvimento Imobiliario

March 05, 2009 06:30 ET

CCDI: Net Income (2008) Is R$51.8 Million

SAO PAULO, BRAZIL--(Marketwire - March 5, 2009) - Camargo Correa Desenvolvimento Imobiliário (BOVESPA: CCIM3) today announced its financial results for the fiscal year of 2008. Net Income was R$51.8 million (8.9% net margin); EBITDA was R$53.8 million (EBITDA Margin of 9.3%); and the Net Operating Revenues reached R$579.3 million.

"This was truly an exceptional result. We had contracted sales of R$1.1 billion, revenues, margins and results expanding, even in a very volatile macro scenario and with all the accounting changes resulting from the new Brazilian GAAP," said Fernando Bergamin, CCDI's Investor Relations executive.

The new accounting practices generated a negative impact of R$44.9 million in the Company's bottom line. "If we disregard the adjustments, CCDI's Net Income is R$96.7 million, an impressive 1,140% growth over the R$6.1 million Net Income from 2007," said Fernando.

The positive result was achieved through a larger volume of revenues recognized in the period, as well as a better average project margin. At the end of the year, the Company's cash position was R$66.4 million, with low leverage and debt completely related to the financing of construction.

In February, CCDI announced contracted Sales of R$1.124 billion for 2008 (a 193% increase over 2007), with launchings of R$948.3 million and speed of sales of 50% in the year. "Of our total residential sales, 74% were contracted from units priced under R$350 thousand, which is the SFH threshold, thus having differentiated credit conditions at attractive prices," summarized Fernando Bergamin.

For more detailed information, please contact CCDI's Investor Relations team at (+55) 11 3841-5880, or e-mail:


CCDI is a leading Brazilian residential and commercial real estate developer. Acts on all market segments in various Brazilians regions. Has a R$10.0 billion (in Potential Sales) land bank with areas for future development in the Sao Paulo Metropolitan Region -- including a 1,300 acre land in Caieiras (located 11 miles out of downtown Sao Paulo) and lands in Rio de Janeiro, Rio de Janeiro (RJ), Vila Velha (ES), Curitiba (PR) and Recife (PE). In 2008, CCDI launched projects with total Potential Sales Volume of R$ 948 million. CCDI owns 100% of HM Engenharia's capital, a subsidiary for the development of low income housing in the country-side of Sao Paulo.

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