SOURCE: CR2 Empreendimentos Imobiliarios SA

CR2 Empreendimentos Imobiliarios SA

March 30, 2011 00:09 ET

CR2 Announces Its Results for 4Q10 and 2010

RIO DE JANEIRO, BRAZIL--(Marketwire - March 30, 2011) - CR2 Empreendimentos Imobiliários S.A. (BOVESPA: CRDE3) (PINKSHEETS: CREIY) announces its results for 4Q10 and 2010.

Net revenue was R$434.1mm in 2010, 45% higher than R$300.1mm in 2009.

Gross profit of R$109.9mm (margin of 25.2%) in 2010, 69% higher than R$65.1mm (margin of 21.7%) in 2009.

EBITDA of R$82.8mm (margin of 19.1%) in 2010, 135% higher than R$35.2mm (margin of 11.7%) in 2009.

Net profit of R$47.0mm (margin of 10.8%) in 2010, 211% higher than R$15.1mm (margin of 5.0%) in 2009.

Contracted sales of R$179.8mm (%CR2 R$138.7mm) in 2010, compared to R$188.3mm (%CR2 R$143.6mm) in 2009.

February, 2011: Acquisition of the swap rights over the land corresponding to the Jardim Paradiso and Cidade Paradiso projects for R$30.0mm in cash and 2.3mm new shares issued by the Company at R$9.50/share (5% of the total shares before the capital increase). The total PSV of these projects is R$2.1billion and the land was originally acquired through a financial swap of 8.323% of the PSV.

Contact Information

    Rogerio Furtado
    CFO and IR Officer
    Phone: +55 (21) 3095-4600