Grupo Gicsa, S.A. De C.V. Reports Unaudited Consolidated and Standalone Earnings and Operating Results for the Second Quarter Ended in June 30, 2018
July 24, 2018 at 05:20 pm EDT
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Grupo Gicsa, S.A. de C.V. reported unaudited consolidated and standalone earnings results for the second quarter ended in June 30, 2018. For the quarter, on standalone basis, the company reported net operating income of MXN 727 million, a decrease of 3.68% compared to a year ago. EBITDA was MXN 1,582 million, an increase of 234.84% compared to a year ago. Net income was MXN 2,092 million. Total revenue exceeded MXN 2.3 billion during the quarter, an increase of 118% compared to the MXN 970 million of last year. This jump is primarily due to the recognition of the real estate services already provided for the parties involved in the asset swap transaction.
On consolidated basis, the company reported EBITDA was MXN 1,863 million, an increase of 146.18% compared to a year ago. Net income was MXN 3,126 million.
The company's reported a total of 831,004 square meters (m²) of Gross Leasable Area (GLA) comprised of 13 properties in the stabilized portfolio and 3 properties in the stabilization process at the conclusion of second quarter 2018. Proportional GLA was 529,460 m2, an increase of more than 124 thousand m2, 17.47% higher than the figure reported for the same period of the previous year.
Grupo Gicsa SAB de CV is a Mexico-based company engaged in the real estate development. The Company specializes in the land acquisition and real estate construction, development, management, sell and rental. Its business activities are divided into six segments: Shopping malls, including construction of shopping centers and retail stores; Business offices, providing office buildings; Industrial properties, involved in the development of industrial space; Residential, executing housing projects; Mixed developments, comprising projects that develop different purpose buildings; and Services, which encompasses hospitality services. The Company develops projects in a range of Mexican cities, such as Mexico City, Merida, Cancun, Queretaro, Monterrey and Tultitlan. Furthermore, It operates through a number of subsidiaries.