Metrovacesa upgrades its 2005 net profit Outlook to a 330-340 range, a 42%-46% growth on 2004 (232.25 mln); surpassing the announced forecast of 265 millons. The new forecast is a 100 mln. increase in net profit on 2004, and a 42% growth on 2004.
During the first semester, Metrovacesa has successfully completed the acquisition of 68.54% of the French real estate firm GECINA for 3,804 mln. From March, Gecina contributed 15.72 mln. to the Group net profit.
In July, the 1,000 mln. rights issue was carried out and fully subscribed, being supported by Metrovacesa's shareholders, and shares have appreciated by 62% since the announcement day.
Intense asset turnover in the first half: investments of 540.8 mln. and asset disposals of 246.51 mln.
Housing development margin has increased by 33% and commercial pre-sales are 23.4% higher than the same period of the previous year. For the full year 2005, 30% growth is expected in Housing development sales.