GRUPO GICSA, S.A.B. DE C.V.
GRUPO GICSA, S.A.B. DE C.V.: ANNOUNCES CONSOLIDATED RESULTS FOR THIRD QUARTER 2018
MEXICO CITY / ACCESSWIRE / October 24, 2018 / GRUPO GICSA, S.A.B. de C.V. (“GICSA” or “the Company”) (BMV: GICSAB), a Mexican leading company specialized in the development, investment, commercialization and operation of shopping malls, corporate offices, industrial buildings and mixed use properties, announced today its results for the third quarter (“3Q18”) and ninth months (“9M18”) periods ended in September 30, 2018. All figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in millions of Mexican pesos (Ps.) GICSA’s financial results presented in this report are unaudited; therefore figures mentioned throughout this report may present adjustments in the future. GICSA’s financial results presented in this report are unaudited; therefore figures mentioned throughout this report may present adjustments in the future. Main Highlights Corporative
Operational
Financial
Pipeline
Comments by the Chief Executive Officer Dear Investors: It is my pleasure to share with you our results for the Third Quarter 2018. This quarter was very important to us since there were a lot of events in favor of the consolidation of the objectives of our growth plan. In recent days, we delivered the Explanada Puebla, Paseo Querétaro and Masaryk 169 projects, which will add a GLA of more than 159 thousand square meters to GICSA’s portfolio. As of today, these properties combined have advanced their signed commercial GLA by more than 90%. These openings join La Isla Merida and Paseo Interlomas expansion, which were delivered last quarter. I am glad to let you know how well accepted these properties have been; they have received 359 thousand accumulated visitors just in the opening weekend. These openings are part of the five properties that comprise the Malltertainment concept developed by the Company, which are a catalyst in the evolution of shopping malls, and represent an important step towards our constant commitment to innovation and permanence in the long term within our key markets. Our stabilized and stabilizing portfolio continues to post positive operating results, which are reflected in our key indicators. During the quarter we registered a 92% occupancy level and a consolidated occupancy cost of 8.4%. The lease spread for the quarter was 9%, with a renovation rate of 97%, along with 10% and 15% increases in the average leasing rate and fixed income, respectively. Moreover, the number of visitors to the properties of our current portfolio reached 15 million, 15% growth compared to the same period last year. The commercialization of properties under stabilization in our pipeline posted a solid performance; this quarter we signed more than 25 thousand square meters of GLA, reaching 64% of the total GLA under commercialization. Our financial indicators demonstrated important progress during the quarter related to our proportional participation; beginning this quarter we can see the results of the agreement that took place last July. As a result, our proportional NOI rose by 9% compared to last year and by 30% considering the properties comprised in the agreement. In summary, this transaction originated additional NOI of Ps. 98 million for the Company in 3Q18. Overall, we are very pleased with the results achieved in the quarter. Our operating results position us to achieve the goals set forth in our business plan. We are confident in our ability to continue searching for opportunities that strengthen our portfolio and increase our market participation in Mexico, with the ultimate objective to continually increase the value of our Company, as well as to add value to our shareholders. Thank you for your confidence and continued support. Abraham Cababie Daniel
For a full version of GICSA’s Third Quarter 2018 Earnings Release, please visit: Conference Call GICSA cordially invites you to its Third Quarter 2018 Conference Call Thursday, October 25, 2018 Presenting for Gicsa: About the Company GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and industrial warehouses well known for their high quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. As of September 30, 2018, the Company owned 15 income-generating properties, consisting of nine shopping malls, five mixed use projects (which include four shopping malls, five corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) 830,029 square meters, and a Proportional GLA of 689,641 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B). For more information in Mexico: GICSA Diódoro Batalla – Chief Financial Officer in New York: i-advize Corporate Communications, Inc. SOURCE: GRUPO GICSA, S.A.B. DE C.V.
10/24/2018 EQS Newswire / EQS Group AG |