Sonae Sierra, the international shopping centre specialist, achieved in the first half of 2013, a Direct Net Profit of €29.5m, which represents a 7 percent decrease when compared with the same period of 2012, mainly due to the impact of the asset sales in 2012, namely the Münster Arkaden, in Germany, and the interest in the three non-strategic shopping centres in Brazil.
EBITDA is at €56.4m, which represents a 2 percent decrease compared to the same period of 2012.
The Net Loss of €4.6m was consequence of the Indirect loss of -€34m in the first six months of 2013, mainly as a result of the yield expansion in Europe, only partially compensated by the yield compression in the prime assets in Brazil. Tenant sales in the European portfolio managed by Sonae Sierra decreased 3.5 percent compared to the same period of 2012.
In the first semester of 2013, Sonae Sierra strengthened its presence in Brazil with the inauguration, in May, of Boulevard Londrina Shopping, the company’s first development in the southern region of Brazil. The shopping centre has 47,800 m2 of GLA, an investment of €122m that created more than three thousand direct jobs.
