EZTEC Reports Net Revenue of R$62.4 million and Gross Margin of 48.2%
SAO PAULO, Brazil, May 15 /PRNewswire-FirstCall/ — EZTEC S.A.
(BOVESPA: EZTC3), one of the most profitable publicly-held companies in
Brazil’s real estate industry, announced on May 13, 2008 its results for
the first quarter of 2008 (1Q08). The operating and financial statements
presented herein are based on consolidated numbers and presented in
Brazilian Reais (R$), pursuant to Brazilian Corporate Law and Brazilian
Accounting Principles (CFC Resolution 963/03). To access the full release
please access the website http://www.eztec.com.br/ir
Highlights
- On March 31, 2008, the Company’s land bank represented EZTEC’s potential
sales value (PSV) of R$3.7 billion. During the quarter, the Company
acquired 6 sites in Sao Paulo, with an estimated EZTEC’s PSV of R
69.6
million. The average land bank acquisition cost was 8.9% of PSV.
- In 1Q08, EZTEC launched Clima do Parque Project, located in the city of
Sao Paulo and with EZTEC’s PSV of R$109,0 million. During the quarter,
49% of units were sold, corresponding to 164 apartments.
- EZTEC’s share of contracted sales in the quarter totaled R$101.1
million, 20.6% higher than 1Q07.
- Net Revenue rose to R$62.4 million in the quarter, increasing 173.4%
Year-over-Year.
- In 1Q08, Gross Income soared 143.3% YoY to R$30.1 million, with Gross
Margin of 48.2%.
- Adjusted EBITDA totaled R$14.4 million in the quarter, 61.4% higher YoY.
- Net income soared to R
2.4 million, 153.7% higher YoY, with net margin
of 35.9%, compressing by 2.8 percentage points versus 1Q07.
- EPS in the quarter of R$0.15, increasing by 154.2% year on year.
About EZTEC
With a 29-year history, EZTEC is one of the most profitable publicly
held companies in Brazil’s real estate industry. Through its entirely
integrated business model, the Company has already launched 43 projects,
totaling 1.1 million square meters including built area and area under
construction, and 7,340 units. EZTEC S.A. is listed on the Bovespa’s Novo
Mercado segment under the ticker EZTC3.
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Source: Real Estate Newswire
[...] EZTEC Reports Net Revenue of R$62.4 million and Gross Margin of 48.2% [...]