SOURCE: Camargo Correa Desenvolvimento Imobiliario

Camargo Correa Desenvolvimento Imobiliario

March 22, 2011 10:14 ET

CCDI'S Net Income Reaches R$143.4 Million in 2010

SAO PAULO, BRAZIL--(Marketwire - March 22, 2011) - A Camargo Corrêa Desenvolvimento Imobiliário (BOVESPA: CCIM3) announced yesterday its results for the 4Q10.

In 4Q10 Net Revenue totaled R$273.7 million (+ 0.5% vs. 4Q10), with Gross Income of R$69.8 million (-2.6% vs. 3Q10) and Gross Margin of 25.5%. Net Income in 4Q10 reached R$26.8 million (Net Margin of 9.8%). The Company's EBITDA in 4Q10 was R$37.9 million (EBITDA Margin of 13.9%). 

CCDI launched 10 developments totaling R$535.5 million in PSV. In 2010, launchings totaled R$1,179.3 million, 103% of the launching's guidance released in the beginning of the year. CCDI ended 4Q10 with R$328.2 million in Contracted Sales. In the quarter VSO was 20.2%.

In 4Q10 a CCDI CCDI and HM delivered the developments Cristais da Terra, Jardim Sul Ribeirão Preto and Residencial Alto de Rebouças. With these deliveries, a CCDI and HM Engenharia have delivered in 2010 R$682.8 million (100% CCDI), divided in 13 projects, totaling 1,723 units.

The current Land Bank of the company is R$8.5 billion in PSV. Out of this amount; R$1.7 billion is referring to HM Engenharia's exclusive Land Bank.

CCDI
Camargo Corrêa Desenvolvimento Imobiliário (CCDI), the real estate development company of the Camargo Corrêa group, operates in the low income to the most sophisticated segments of the market, developing residential and commercial real estate projects in several regions of Brazil. Since 2008, it has been the parent company of HM Engenharia, a company with over 100 thousand incorporated units and built in 34 years of experience, exclusively focused on the low-income segment, targeted at the "Minha Casa, Minha Vida" Housing Program.

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