Contact Information: CONTACT: CCDI IR +011-5511-3841-5880 fernando.bergamin@camargocorrea.com.br First Call Analyst: FCMN Contact: Web site: http://www.ccdi.com.br/ir
CCDI: Net Income (2008) Is R$51.8 Million
SAO PAULO, BRAZIL--(Marketwire - March 5, 2009) - Camargo Correa Desenvolvimento
Imobiliário (BOVESPA: CCIM3) today announced its financial results for the
fiscal year of 2008. Net Income was R$51.8 million (8.9% net margin);
EBITDA was R$53.8 million (EBITDA Margin of 9.3%); and the Net Operating
Revenues reached R$579.3 million.
"This was truly an exceptional result. We had contracted sales of R$1.1
billion, revenues, margins and results expanding, even in a very volatile
macro scenario and with all the accounting changes resulting from the new
Brazilian GAAP," said Fernando Bergamin, CCDI's Investor Relations
executive.
The new accounting practices generated a negative impact of R$44.9 million
in the Company's bottom line. "If we disregard the adjustments, CCDI's Net
Income is R$96.7 million, an impressive 1,140% growth over the R$6.1
million Net Income from 2007," said Fernando.
The positive result was achieved through a larger volume of revenues
recognized in the period, as well as a better average project margin. At
the end of the year, the Company's cash position was R$66.4 million, with
low leverage and debt completely related to the financing of construction.
In February, CCDI announced contracted Sales of R$1.124 billion for 2008 (a
193% increase over 2007), with launchings of R$948.3 million and speed of
sales of 50% in the year. "Of our total residential sales, 74% were
contracted from units priced under R$350 thousand, which is the SFH
threshold, thus having differentiated credit conditions at attractive
prices," summarized Fernando Bergamin.
For more detailed information, please contact CCDI's Investor Relations
team at (+55) 11 3841-5880, or e-mail: ri.ccdi@camargocorrea.com.br
CCDI
CCDI is a leading Brazilian residential and commercial real estate
developer. Acts on all market segments in various Brazilians regions. Has a
R$10.0 billion (in Potential Sales) land bank with areas for future
development in the Sao Paulo Metropolitan Region -- including a 1,300 acre
land in Caieiras (located 11 miles out of downtown Sao Paulo) and lands in
Rio de Janeiro, Rio de Janeiro (RJ), Vila Velha (ES), Curitiba (PR) and
Recife (PE). In 2008, CCDI launched projects with total Potential Sales
Volume of R$ 948 million. CCDI owns 100% of HM Engenharia's capital, a
subsidiary for the development of low income housing in the country-side of
Sao Paulo.