May 14, 2008 12:17 ET

PARQUESOL : Parquesol improves its 1st Quarter 2008 results

MADRID, SPAIN--(Marketwire - May 14, 2008) - Parquesol has obtained a significant improvement in its first quarter 2008 results.

- Sales. The company has obtained EUR 48 million in sales during first quarter, or 42% above same period last year.

- Net profit. Parquesol has obtained a net alter tax profit of EUR 4.4 million; this is a 17% increase over first quarter 2007.

- Low leverage ratio. Considering the market asset value of EUR 2,082 million as of 31st of December 2007, the LTV of Parquesol is 29%. Parquesol is placed in the sector, among one of the lowest indebted companies.

Parquesol, with an increasing activity in the real estate industry for over thirty years, both in the property and in the housing markets, keeps its 2008 forecasts. During first quarter 2008 despite the global sector deceleration, the company reaches a 42% increase in sales over same period last year to EUR 48 million,

Sales of residential developments totalled EUR 27.5 million in the first quarter of 2008, or 20% more than in the same period in 2007.

Rental income equalled EUR 5.6 million, 17.6% up on the previous year's first quarter, with core asset occupancy of 92.7%.

Gross profit improved to EUR 19.6 million, or a 41% margin.

Parquesol delivered a total of 103 housing units in the first quarter, distributed across all its branches, and continued to market developments in the same cities.

Its project portfolio is currently spread across hotels and retail-centre areas in the Spanish provinces of Madrid, Malaga and Valladolid, as well as in Lisbon, Portugal.

The Company delivered buildings worth EUR 15.3 million in the first three months of 2008, generating a EUR 5.7 million gross profit.

Parquesol's shareholder base at end-March 2008 was: Grupo San José (54.055%), Caja Castilla La Mancha (13.371%), Caja de Ahorros Municipal de Burgos (5.035%) and Grupo Lábaro (12%).

This information is provided by HUGIN

Contact Information

  • For further information:
    Pilar Fernández, Head of Communication, Parquesol.
    Tel: + 34 91 799 49 90.
    Fax: + 34 91 799 49 97.