Multiplan Announces Adjusted Net Income Growth of 31% to R$ 50.4 Million the 1Q08

RIO DE JANEIRO, Brazil, May 14 /PRNewswire-FirstCall/ -- Multiplan Empreendimentos Imobiliarios S.A. (Bovespa: MULT3), the largest shopping center company in Brazil in terms of revenue, the most profitable company in the sector, with a portfolio of 13 malls (two under development, eleven in operation, in which five are also being expanded), announces its results for the first quarter of 2008.

-- Gross revenue was R$ 89.3 million in the quarter, a 15.9% increase over
the R$ 77.1 million in 1Q07.
-- EBITDA edged up by 1.3%, from R$ 50.5 million in 1Q07, to R$ 51.2
million in 1Q08.
-- Adjusted net income increased by 30.8% to R$50.4 million in 1Q08 when
compared to R$ 38.5 million in 1Q07.
-- Adjusted FFO was R$ 58.0 million in 1Q08, 32.7% higher than the R$ 43.7
million in 1Q07.
-- Expected incomes have accumulated R$ 110,2 million of key money.
-- R$150.0 million were invested in the quarter and allocated to the
construction of two shopping malls, seven expansions and land
acquisitions.
-- BarraShoppingSul and Vila Olimpia, 2 greenfield projects which are
under construction, with a opening expected by 2008 and 2009
respectively, increasing over 79.100 sq.m. of GLA
-- Expansions of existing malls show heavy demand from store owners, in
which seven projects are under construction and already being leased,
adding an extra 44,100 sq.m. of total GLA by 2009.
-- Acquisition of a 36,700 sq.m. land close to BarraShopping for the
development of a commercial real estate project.
-- Acquisition of a 45,000 sq.m. land in Jundiai (SP), for the development
of a commercial real estate project
-- Acquisition of a 37.5% interest in Shopping Santa Ursula, consolidating
Multiplan's position in Ribeirao Preto (SP).
-- Acquisition of two areas totaling 57,800 sq.m. in Sao Caetano (SP), for
the future development of a shopping center and integrated buildings.

Conference Calls

English
May 15, 2008
3:00 pm (Brasilia)
2:00 pm (US EDT)
Tel.: +1 (973) 935-8893
Replay: +1 (706) 645-9291
Code: 45435072

Portuguese
May 15, 2008
4:30 pm (Brasilia)
3:30 pm (US EDT)
Tel.: +55 (11) 4688-6301
Code: MULTIPLAN

First Call Analyst:
FCMN Contact:

Source: Multiplan Empreendimentos Imobiliarios S.A.

CONTACT: Armando d'Almeida Neto, CFO and IRO, +55-21-3031-5224,
ri@multiplan.com.br

Web site: http://www.multiplan.com.br/ir

2008-05-14 20:58:15 0362114 PRNEWSWIRE