In the first quarter of 2005, Sonae Sierraâs consolidated net profits were â¬27.5 million, which represents a growth of 34 per cent in comparison to the same period in 2004. This shows a highly positive performance in the first three months of the year.
The direct net results of investments went up by 8% compared to the first quarter of 2004 (to â¬13.4 million), while EBITDA was more than 20% (to â¬29 million), due particularly to the growth in the companyâs portfolio after the opening in 2004 of four new shopping and leisure centres in Spain and a new shopping centre and an extension in Brazil.
Where new projects are concerned, the Plaza Ãboli opened in Spain in the first quarter of 2005, representing an investment of â¬56.1 million, in partnership with Grupo Eroski. The company also signed an agreement with Mall Inversiones for a new shopping and leisure
centre (Las Medulas) in Ponferrada, Spain, with an investment of around â¬110 million.
The company also announced the development of two new shopping and leisure centres in Italy, a strategic market for Sonae Sierra. These centres are expected to involve an overall investment of â¬320 million.
Another of the most important events in the companyâs activity in this quarter was the change of name from Sonae ImobiliÃ¡ria to Sonae Sierra. This global scale operation is part of the companyâs international expansion strategy of recent years and reinforces its
position as a European specialist in shopping and leisure centres.
Source: Sonae Sierra