Sao Carlos Reports Strong Growth in 1Q09: Net Revenue +42%, EBITDA +52% and
Net Income +149%
SAO PAULO, May 15 /PRNewswire-FirstCall/ -- Sao Carlos Empreendimentos e
Participacoes S.A. announces today its results for the first quarter of 2009
(1Q09).
Net Revenue grew 41.6% against 1Q08 to R$41.8 million, mainly due to the lease
of properties acquired in the last 12 months, the lease of the Eldorado
Business Tower and the annual adjustment of lease contracts for inflation.
EBITDA grew 52.3% against 1Q08, reaching R$37.0 million or 88.5% of Net
Revenue (vs. 82.2% in 1Q08), due to higher net revenue and lower operating
expenses.
Net Operating Income (NOI) grew 44.1% against 1Q08, reaching R$40.4 million or
96.8% of Net Revenue (vs. 95.1% in 1Q08), chiefly because we paid less
commissions to brokers.
Funds from Operations (FFO) reached R$23.0 million in 1Q09, equivalent to a
margin of 55.2% and growth of 98.8% against 1Q08, due to the company's
improved operating and financial results.
FFO per Share was R$0.4000/share in 1Q09, 111.3% higher than in 1Q08
(R$0.1893/share).
Net Income was R$17.4 million in 1Q09, 148.7% higher than in 1Q08 (R$7.0
million). The increase resulted chiefly from the improved operating revenue in
1Q09 and the stable operating and financial expenses.
The market value of the Company's real estate portfolio increased 12.1%
between March 2008 and March 2009, from R$1,574.9 million to R$1,764.9
million.
The Average Vacancy Rate of the Company's real estate portfolio at the end of
March 2009 was 2.0%, therefore below the 4.9% in March 2008 and the 3.1% in
December 2008.
Sao Carlos ended 1Q09 with net debt of R$474.7 million, against R$487.8
million in 4Q08.
To access the full "1Q09 Earnings Release," please access our website:
www.scsa.com.br/ir and to listen to our conference calls on the 1Q09 results
use the information below:
English (May 18, 2009)
11:00 a.m. (New York time)
12:00 p.m. (Brasilia time)
Tel: +1 (973) 935-8893
Code: 97162538
SOURCE Sao Carlos S.A.
Marc Grossmann, Investor Relations Manager, Sao Carlos S.A., +55-11-3048-5413,
dri@scsa.com.br
