Spain's Bami raises year net profit to EUR 28 mln

Bami SA Inmobiliaria de Construcciones y Terrenos raised its full-year net profit target to EUR 28 mln from EUR 23.4 mln.

The new forecast is based on the assumption that real estate company Metrovacesa SA , in which Bami holds a 23.9% stake, will generate a EUR 125 mln net profit in 2002.

Bami purchased its stake in Metrovacesa in June from Banco Bilbao Vizcaya Argentaria SA for EUR 545.4 mln. Bami plans to merge with Metrovacesa, and will present a proposal in December to the shareholders of both companies.

(source: Bami)

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