SOURCE: Camargo Correa Desenvolvimento Imobiliario

Camargo Correa Desenvolvimento Imobiliario

August 13, 2009 09:22 ET

CCDI Revenues Grows 21.8% and Contracted Sales Increase 43% Over 1Q09

SAO PAULO, BRAZIL--(Marketwire - August 13, 2009) - Camargo Correa Desenvolvimento Imobiliário (BOVESPA: CCIM3) today announced its financial results for the second quarter of 2009.

Contracted sales for the April to June period totaled R$172.8 million, a 43% growth over the R$120.8 million recorded on 1Q09. Of the total amount sold, more than R$33 million refer to units launched during the current quarter, while 91% refer to units priced at R$500,000 or lower, within the SFH threshold for differentiated, cheaper credit conditions.

The Company's commercial output was positively affected by improving macroeconomic conditions, especially the country's history-low interest rates. Another key factor in igniting demand was the Brazilian Federal Government's Housing Program which provides subsidies and cheaper financing for individuals making 10 Brazilian minimum wages per month, or less (the equivalent to approximately US$2,500.)

Launchings for 2Q09 were R$101.4 million, in two low income projects developed by HM Engenharia in the Campinas region, (country-side of the State of São Paulo.) Average price per unit was approximately R$78,000 (US$41,000.)

During the quarter, CCDI recorded Net Revenues of R$133.5 million (+21.8% over the R$109.6 million recorded on 1Q09.) The Company's Net Income was R$7.6 million (Net Margin of 5.7%), while EBITDA totaled R$12.3 million (EBITDA Margin of 9.2%).

On June 30, 2009, the Company had a cash position of R$112.4 million, net debt position of R$183.2 million (28.3% of the Shareholders' Equity), split between debt related to the construction and working capital financing lines.

For detailed information, please contact CCDI's IR at (+55) 11 3841-5880, or ri.ccdi@camargocorrea.com.br

CCDI

CCDI is a leading Brazilian residential and commercial real estate developer. Acts on all market segments; and has presence in various Brazilians regions. It has an R$10.0 billion-Potential Sales land bank with areas for future development in Sao Paulo -- including a 1,300 acre land located 11 miles out of downtown Sao Paulo -- and lands in Rio de Janeiro, Espírito Santo, Paraná and Pernambuco. In 2008, CCDI launched projects with total PSV of R$ 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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