Sonae Sierras Consolidated Net Profit (after Minority Holdings) was €21.95 million in the first quarter of 2006. This figure represents an increase of 1% compared to the same period of last year.
The growth of Sonae Sierras activity in the first three months of 2006 was very positive, with the Direct Profit reaching €21.28 million in this period, up 58% compared with the same period of last year. EBITDA was €37.05 million, 28% more than the first quarter of last year. These increases are mainly due to the inaugurations and acquisitions of new shopping centers, and to the renewal of important contracts in the vast portfolio under management.
In the last quarter of 2005 alone, three new centers were inaugurated LoureShopping and Serra Shopping, in Portugal, and Mediterranean Cosmos, in Greece joined by the acquisitions of Valecenter and Airone, in Italy, as well as Plaza Sul, in Brazil. In the first quarter of this year (last March) RioSul Shopping, in Seixal, Portugal, was inaugurated.
Sonae Sierra continues to pursue its expansion strategy, developing a significant portfolio of projects in different stages of development, to which new business opportunities may be added, in markets where the Company is already present, or even in new markets.
Among the most significant ongoing developments we highlight, in Portugal, Setúbal Retail Park and São João da Madeira Shopping, and in Spain, Plaza Mayor Shopping (Malaga), in partnership with Castle City (75/25), El Rosal (Ponferrada), in partnership with the Mall Group (70/30).
In Italy, Sonae Sierra has four ongoing projects at present: Biella (Biella) and Caselle (Turin), of which it is the sole owner, and Freccia Rossa (Brescia) and La Spezia (Spezia), in partnership with AIG/Coimpredil (40/50/10) and ING Real Estate Development (50/50), respectively.
In Germany, the undertakings currently being developed are 3Do(Dortmund) of which Sonae Sierra owns 100%, and Alexa (Berlin) in partnership with Foncière Euris (50/50).
In Greece, Sonae Sierra continues the efforts in partnership with the Charagionis Group, to develop Aegean Park (Athens).
Finally, in Brazil, Sierra Enplanta is building Shopping Campo Limpo (São Paulo) in partnership with Tivoli EP.
Source: Sonae Sierra