CR2 Announces Its 2007 Results
RIO DE JANEIRO, Brazil, March 12 /PRNewswire-FirstCall/ -- CR2 Empreendimentos Imobiliarios S.A. (Bovespa: CRDE3), announces its results for the fourth quarter and the year 2007. Except where otherwise stated, the following operating and financial information is presented in Brazilian Reais (R$), and in accordance with Brazilian Accounting Practices ("BR GAAP"), based on the Brazilian Corporate Law and the regulations of the Brazilian Securities and Exchange Commission (CVM).
2007 HIGHLIGHTS
-- Total launched PSV amounted to R$ 773.5 million in 2007, representing a
1,289% increase over the previous year. CR2's PSV of R$ 534.9 million
increase 1.500%.
-- Among the 2007 launches, the Verano Residence Park with PSV of R$ 302.5
million and the 1st and 2nd phases of Parque das Aguas with PSV of R$
326.6 million are particularly worth noting.
-- Contracted Sales of R$ 221.7 million, of which CR2's share was R$ 141.6
million, respective increases of 1,014% and 1,085% over 2006.
-- Our Landbank reach a total PSV of R$ 4.7 billion, CR2's share amounting
to R$ 3.5 billion.
-- Net Operating Revenue grew by 4,542% reaching R$ 39.8 million.
-- Adjusted Net Income totaled R$ 17.9 million, 1,110% up on the previous
year.
-- Revenues to be Recognized increased by 949% to R$ 199.3 million. The
balance of Revenues to be Recognized, stood at R$ 55 million, with a
gross margin to be recognized of 27.6%
-- Initiation of operations in the Sao Paulo metropolitan region - Guarulhos and Santo Andre.
To view the full earnings release, access the IR website http://www.cr2.com.br/ir
2007 Conference Call - March 13, 2008
English
11:00 a.m. (Brasilia Time)
10:00 a.m. (New York Time)
Phone: +1 (973) 935-8893
Code: 37920112
Replay: +1 (706) 645-9291
Investor Relations Website:
http://www.cr2.com.br/ir
First Call Analyst:
FCMN Contact:
Source: CR2 Empreendimentos Imobiliarios S.A.
CONTACT: Investor Relations, Rogerio Furtado, CFO and IRO, or Daniel
Magno, IR Manager, +55 (21) 3095-4600, ri@cr2.com.br
Web site: http://www.cr2.com.br/ir
2008-03-12 19:53:55 0311352 PRNEWSWIRE