Urbis targets 20-25% net profit growth in 2005 on 30-35% rise in sales (ES)

Inmobiliaria Urbis SA said it is targeting net profit growth of 20-25 pct in 2005 from the €123 mln net profit reported in 2004, on a 30-35 pct rise in revenues from €602 mln a year earlier.

In a presentation to analysts, Urbis said rental revenues are expected to grow 4-6 pct in 2005, with volumes seen doubling in 2008.

Revenues from its property development division are forecast to climb 35-45 pct in 2005, while land sales are seen growing 5-10 pct, the company said.

Urbis expects its net asset value (NAV) to grow by about 10 pct in 2005.

The company plans to invest over €400 mln in land and over €100 mln in its housing portfolio this year, it said, noting that gearing is expected to stand at about 180 pct, depending on investment opportunities.

Urbis said that despite 'an expected overall slowdown' in the Spanish housing market, it is 'prepared to continue to gain market share.'

Source: Freeman

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