Contact Information: CONTACT: CCDI IR +011-5511-3841-5880 fernando.bergamin@camargocorrea.com.br Web site: http://www.ccdi.com.br/ri
CCDI Revenues Grows 21.8% and Contracted Sales Increase 43% Over 1Q09
SAO PAULO, BRAZIL--(Marketwire - August 13, 2009) - Camargo Correa
Desenvolvimento Imobiliário (BOVESPA: CCIM3) today announced its financial
results for the
second quarter of 2009.
Contracted sales for the April to June period totaled R$172.8 million, a
43% growth over the
R$120.8 million recorded on 1Q09. Of the total amount sold, more than R$33
million refer to
units launched during the current quarter, while 91% refer to units priced
at R$500,000 or lower,
within the SFH threshold for differentiated, cheaper credit conditions.
The Company's commercial output was positively affected by improving
macroeconomic
conditions, especially the country's history-low interest rates. Another
key factor in igniting
demand was the Brazilian Federal Government's Housing Program which
provides subsidies
and cheaper financing for individuals making 10 Brazilian minimum wages per
month, or less
(the equivalent to approximately US$2,500.)
Launchings for 2Q09 were R$101.4 million, in two low income projects
developed by HM
Engenharia in the Campinas region, (country-side of the State of São
Paulo.) Average price per
unit was approximately R$78,000 (US$41,000.)
During the quarter, CCDI recorded Net Revenues of R$133.5 million (+21.8%
over the
R$109.6 million recorded on 1Q09.) The Company's Net Income was R$7.6
million (Net
Margin of 5.7%), while EBITDA totaled R$12.3 million (EBITDA Margin of
9.2%).
On June 30, 2009, the Company had a cash position of R$112.4 million, net
debt position of
R$183.2 million (28.3% of the Shareholders' Equity), split between debt
related to the
construction and working capital financing lines.
For detailed information, please contact CCDI's IR at (+55) 11 3841-5880,
or
ri.ccdi@camargocorrea.com.br
CCDI
CCDI is a leading Brazilian residential and commercial real estate
developer. Acts on all
market segments; and has presence in various Brazilians regions. It has an
R$10.0 billion-Potential Sales land bank with areas for future development
in Sao Paulo -- including a 1,300
acre land located 11 miles out of downtown Sao Paulo -- and lands in Rio de
Janeiro, Espírito
Santo, Paraná and Pernambuco. In 2008, CCDI launched projects with total
PSV of R$ 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.