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CCP announces results - Net Income from 9M12 grows 39.4% to reach R$116.1 MM

Date : 11/09/2012 @ 4:47PM
Source : PR Newswire (US)
Stock : Cyre Com-ccp ON (CCPR3)
Quote : 18.53  0.0 (0.00%) @ 5:15AM
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CCP announces results - Net Income from 9M12 grows 39.4% to reach R$116.1 MM

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CCP announces results - Net Income from 9M12 grows 39.4% to reach R$116.1 MM

SAO PAULO, Nov. 9, 2012 /PRNewswire/ -- Cyrela Commercial Properties S.A. Empreendimentos e Participacoes (BM&F-Bovespa: CCPR3) announced yesterday its 3Q12 results.

The financial vacancy (revenues achieved over total potential revenues) was 0.2% - the office- and distribution center- portfolio maintained zero vacancy. On the shopping center portfolio, financial vacancy stood at 1.0%.

Net Revenues reached R$366.6 million on 9M12 (+95.7% over 9M11). EBITDA for the same period was R$179.1 million (+45.6% vs. 2011).

After the quarter, CCP announced the opening of an expansion to the Grand Plaza Shopping (Santo Andre, SP), with 14,534 m2 of GLA, and 113 shops (96% leased on opening day). The Company also launched the Shopping Cerrado (Goiania, GO). The 32,500 square meter development is already fully anchored. Construction works will commence on 1Q13.

On 10/31/12, CCP sold 10,198 m2 of private area on the CEO Corporate Triple A office project developed in Barra da Tijuca (Rio de Janeiro, RJ), to a Real Estate Investment Fund. Transaction value was R$150.7 million. The Fund was fully subscribed within three business days from launching by over 3,500 investors, almost entirely individuals. There is a minimum guaranteed remuneration provision in place for a 9% per annum nominal return from subscription date up to 24 months after the delivery of the building. CCP will maintain its 25% ownership interest on the second tower of the project and will be responsible for the management of the complex.

Earnings Teleconference:
November 9, 2012

Time: 12:00 p.m. (Brasilia)/09:00 am (EST)
Dial in: +1 (412) 317-6776
Code: CCP
Webcast: www.ccpsa.com.br/ri

Investor Relations Information
Tel.: (11) 3018-7601
E-mail: ri@ccpsa.com.br

CCP is one of Brazil's leading companies of development, acquisition, leasing, sale and management of commercial real estate. The Company focuses on the Triple A Corporate Office Buildings, Shopping Malls and Industrial Distribution Center and has operations in Sao Paulo, Rio de Janeiro, Minas Gerais, Goias, Bahia and Para.CCP has a operational portfolio of 215 thousand square meters (Gross leasable area) and another 348 thousand square meters under development, to be delivered on coming periods. With over 16 years of experience in the field, the Company resulted from the spin-off, in 2007, of commercial real estate-related assets of Cyrela Brazil Realty. The Company is listed at the Novo Mercado in the Brazilian BMF&Bovespa exchange. It trades under the ticker symbol CCPR3.

SOURCE Cyrela Commercial Properties S.A.

Copyright 2012 PR Newswire



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