Brazil Mall Owner Multiplan Profit Up 73%
Multiplan, a Brazilian mall owner, earned R$383.2 million (US$71.2 million) in the third quarter, up 73.3%, mostly on a one-off stake sale. The post Brazil Mall Owner Multiplan Profit Up 73% appeared first on The Rio Times .
Multiplan, a Brazilian shopping mall owner, reported a 73.3% increase in profit for the July to September quarter, reaching R$383.2 million (about US$71.2 million). This significant rise was driven primarily by a sale of a 9.33% stake in ParkShopping Barigui, a mall in Curitiba, for R$250 million (about US$46.4 million). The real-estate revenue increased to R$288.3 million (about US$53.5 million) from R$93.2 million a year earlier.
Other revenue streams, such as tenant sales, rose by 5.9% to R$6.4 billion (about US$1.19 billion). Occupancy rates remained steady at 96.0% of rentable space. While the sale contributed to the profit increase, rental revenue grew only by 2.8%, indicating that the profit might not be as durable as it seems. The share price of Multiplan closed at R$25.27 (about US$4.69) on Thursday, down 32.7% from the R$37.53 close on 23 October.
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