Net income Metrovacesa grew by 41.2% to 184.86 million (ES)

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.

Source: Metrovacesa

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