Multiplan drops by 12.4% in the 1st profit over a year earlier

Multiplan has released a net profit on Thursday than 12.4% lower in the first quarter compared to the same period last year, of $ 234 million, according to the financial balance of the operator of the shopping center.

The company’s sales in the same concept store grew by 6.2% in the first quarter compared to the same stadium by 2024, while the average employment rate of the shopping center reached 96.3%, 95.7% a year earlier.

The main increases in the employment rate were recorded at the Shopping Anália Franco (SP), New York City Center (RJ) and Parkshopping (DF), said that the company, adding that the turnover (change of shop) in the period was 0.8% of its total locable area (GLA), with 88 new satellite stores – the smallest for a first quarter since 2018.

“This reduction in turnover, combined with greater employment, demonstrates stability in shopping centers and the continuous demand for spaces. We have observed a greater demand from national and international brands,” said President Multiplan Eduardo Kaminitz Peres in a press release.

The profit before the interests, taxes, demort and multiplane demort (Ebitda) added $ 400.6 million in the quarter, a growth of 2.5% year by year and slightly above the average expectations of analysts, from R $ 398.3 million, according to the data compiled by LSEG. The margin went from 74.6% to 76.2% on the same base.

The net revenues of the company have been practically stable in the annual comparison (+0.4%), at $ 525.7 million, with progress in leasing revenues (+5.3%) and services (+14.5%), but fall within the “other revenue” line (-89.1%).

The multiplan operating cash flow (FFO) decreased by 15.3% in the first quarter at $ 277.5 million.

Sales of shops increased by 7.9% from January to March 2024 to 5.5 billion dollars, supported by revitalization improvements, active management, change of mix and events held in multiplan shopping centers in the quarter.

“Although the revitalization efforts continue in the selected shopping centers, the company provides for lower investment levels in 2025, since several projects are close to the conclusion”, says the operator of the shopping center in a result relationship.

By the end of March, Multiplan managed 20 shopping centers with an average participation of 80.7%, as well as an average of 92.1% in two company complexes.

Source: Terra

Rose

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