Urbis full year net profit rises 35% to €123m as sales climb 22% (ES)

Inmobiliaria Urbis SA said net profit grew 35 pct to €123 million in the full year to Dec 31 from €91 million a year earlier, boosted by a 22 pct rise in total sales to €736 million.

In a statement, Urbis said revenues at its property development division grew 17 pct to €602 mln, while rental revenues increased 6 pct to €41 mln.

Land sales soared nearly doubling to €92.1 mln.

Urbis said its acquired land will allow it to grow and gain market share until 2008, and reiterated that it expects its housing sales to continue growing over the next few years despite expectations of a slowdown in the property market.

EBITDA rose 27 pct to €216 mln in the full-year, while profit from ordinary activities increased 28 pct to €190 mln.

Net debt stood at €1.049 bln at Dec 31, up from €711 mln a year earlier, with gearing at 136 pct.

ROE improved to 16.9 pct from 14 pct, it said.

Source: Freeman

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