MEXICO CITY--(BUSINESS WIRE)--GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") (BMV:GICSA), 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 second quarter ("2Q17") and first six months ("6M17") periods ended in June 30, 2017. 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 reported a total of 707,437 square meters (m²) of Gross Leasable Area (GLA) comprised of 13 stabilized properties and 2 properties in stabilization process at the close of 2Q17. The proportional GLA during 2Q17 was 437,508 square meters, an increase of 14.09% compared to the same period of the previous year.
- Average leasing rate per square meter at the end of 2Q17 was Ps. 328, an 1.15% increase compared to 2Q16, which was Ps. 325.
- GICSA registered an accumulated occupancy cost of 6.86% in 2Q17, due to an increase in same-store sales of 6.84% in 2Q16.
- At the close of 2Q17 GICSA had a total of 17 million of visitors in the shopping malls of the stabilized properties, an increase of 4.41% compared to 2Q16.
- Net operating income (NOI) of the stabilized and under development portfolio reached Ps. 755 million, an increase of 13.14% compared to 2Q16.
- Consolidated EBITDA in 2Q17 reached Ps. 757 million, while GICSA’s proportional EBITDA was Ps. 473 million.
- During 2Q17, net income was Ps. 205 million, an increase of 23.76% compared to the Ps. 165 million in 2Q16.
- Consolidated debt in 2Q17 was Ps. 19,075 million, while GICSA’s proportional debt was Ps. 14,076 million, resulting in a loan-to-value ratio of 34.28%.
- To date, the commercialization of properties under development reached 243,961 m² of GLA under contract. This represents 45.59% of the total space comprising projects in construction.
For a full version of GICSA’s Second Quarter 2017 Earnings Release, please visit:
GICSA cordially invites you to its Second Quarter 2017 Conference Call
Thursday, July 27, 2017
|12:00 p.m. Eastern Time|
|11:00 a.m. Mexico City Time|
|To access the call, please dial:|
|1-800-311-9401 U.S. participants|
|1-334-323-7224 International participants|
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 March 31, 2017, the Company owned 13 income-generating properties and 2 in stabilization process, consisting of nine shopping malls, four mixed use projects (which include four shopping malls, four corporate offices and one hotel), and two corporate office buildings, representing a total Gross Leasable Area (GLA) 681,641 square meters, and a Proportional GLA of 424,399 square meters. Since June 2015, GISCA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).