Parque Arauco S.A. (Santiago Stock Exchange: Parauco; Bloomberg: PARAUCO:CI)
, one of Latin America’s leading shopping center developers and operators, based on gross leasable area (GLA), reported financial results for the second quarter ended June 30, 2013. The following financial and operating information, unless otherwise indicated, was prepared and presented in accordance with IFRS. Accordingly, we no longer consolidate the financial statements of three of our malls: Marina Arauco, Boulevard Marina Arauco and Mall Center Curico, but now account for our interests under the equity income method. 2Q 2012 has been adjusted for comparison purposes. For a more detailed review of the results filed with the SVS (Chilean Securities and Exchange Commission), please visit the investor section of Parque Arauco’s website
“Parque Arauco is driving shareholder value through delivering strong top line revenue growth, healthy operating margins and bottom line profitability. We continue to execute on our strategic plan which includes expansion in fast growing markets and diversification across product lines. Our strategic land bank, long term contracts, relationships with highly desirable anchor tenants and local partnerships have positioned the company for solid long term growth in the region’s fastest growing markets of Chile, Peru and Colombia. We are building a portfolio of properties to cater to both the growing middle class, which in Peru, for example, has expanded by more than 50% in the last few years, as well as our higher-end clients, through the development of formats such as the innovative, Luxury District, at our landmark property, Parque Arauco Kennedy.
“Our solid balance sheet and cash flows and access to competitive rates of financing are fueling our expansion and greenfield projects. We continued our growth path in traditional formats with the recent opening of mall Arauco Quilicura in Chile, Mega Express Chincha in Perú and mall Parque Caracolí in Colombia. We are also diversifying our revenue base into other formats: we acquired our second outlet mall, the Lima Outlet Center in May, we are building a third one in Concepción in Chile, and plan to continue to develop this format along with our strip centers format” said chief executive Juan Antonio Álvarez.