- Net Income grew by 27.8% over the same period of last year, reaching R$ 19.3 million
- Same-store sales (SSS) increased by 6.4% in 1Q15 compared to 1Q14
- Total sales at the Company’s malls in 1Q15 totaled R$ 1.1 billion, a 9.5% increase over 1Q14
- Same-store rent (SSR) continued to post strong double-digit growth in 1Q15, growing 10.8% compared to 1Q14
Sonae Sierra Brasil S.A. (BM&FBovespa: SSBR3), a leading Brazilian shopping mall developer, owner and manager, announces its results for the first quarter of 2015 (1Q15). The Net revenue os the company grew 9.3%, totaling R$ 81.2 million in 1Q15. The Net Income totaled 19.3 million, a grew by 27.8% over the same period of last year. Adjusted EBITDA was R$ 57.8 million in 1Q15, 14.4% above 1Q14.
In the period, the total tenant sales in the 10 operating malls of the Company totaled R$1.1 billion in 1Q15, a 9.5% increase over 1Q14. Sales were positively impacted by the ramp up process of our younger malls, namely Boulevard Londrina and Passeio das Águas. Among our mature portfolio, we highlight Franca and Campo Limpo’s performances, influenced by tenant mix updates.
Same-store sales (SSS) increased by 6.4% in 1Q15, totaling R$913/sqm per month. Once again, this increase was mainly led by our younger malls, namely Passeio das Águas, Boulevard Londrina and Uberlândia, all three malls posted strong double digits SSS. The Same-store rent (SSR) totaled R$58/sqm per month in 1Q15, representing a strong increase of 10.8% compared to the same period last year.
For 2015 the Company is backed by the solid operating and financial figures in the quarter, and remain positive towards Sonae Sierra Brasil’s perspectives for 2015 and beyond. The Company firmly believe that the malls in our portfolio are resilient, competitive and prepared to face the short-term macro adversities. In addition, our younger malls continue to show signs of improvement and should be increasingly more relevant to the Company’s results.
In 2015, the Company will continue to analyze growth alternatives under our disciplined investment approach. Meanwhile, as we prepare for a potential new growth cycle, we will continue to focus on extracting value from our existing malls through tenant mix update, refurbishment or expansions. As an example, we are currently performing refurbishments and expansions in Parque D. Pedro, Franca and Uberlândia shopping centers, which should improve their presence in their respective markets.