Sonae Imobili

Sonae Imobiliária’s Net Consolidated Profit after Minority Interests (non-audited) reached € 12,14 million. In the same period of last year, the Net Consolidated Profit reached € 16 million. However, this didn’t include the minority interests from the sale of 49,9% of the SIERRA Fund. The Net Consolidated Profit before Minority Interests grew 26% reaching € 20 million.

In consolidated terms, Sonae Imobiliária ended the first quarter of 2004 with a Direct Income of € 63.9 million, which represents a growth of 12,4% versus the same period of last year.

EBITDA reached € 23 million, which compared to the € 21.7 million of the first quarter of 2003, represents a growth of 6,2%, despite the sale of 50% of Vasco da Gama to ING Real Estate in March 2003

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