DINE, S.A.B. de C.V. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
October 26, 2015
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DINE, S.A.B. de C.V. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net sales of MXN 229.9 million against MXN 286.3 million a year ago. Negative operating result was MXN 3.9 million against MXN 15.4 million a year ago. Result before income taxes was MXN 59.7 million against negative result before income taxes of MXN 25.3 million a year ago. Net result was MXN 106.1 million against negative net result of MXN 26.3 million a year ago. Operating cash flow was MXN 61.9 million against MXN 125.1 million a year ago. Third quarter sales declined 20% as compared to third quarter of 2014. This was mainly due to lower sales registration, of the "Bosques de Santa Fe" and "Punta Ixtapa" projects, since in this quarter DINE still has products under construction with signed sales contracts, which according to accounting standards, are not yet recordable as sales. Loss before other income, which represents a decrease with respect to third quarter of 2014, mainly due to lower administrative expenses.
For the nine months, the company reported net sales of MXN 430.9 million against MXN 729.5 million a year ago. Loss before other income was MXN 71.0 million against MXN 24.6 million a year ago. Net majority profit was MXN 75.1 million against net majority loss of MXN 83.6 million a year ago. Operating cash flow was MXN 146.5 million against MXN 205.5 million a year ago.
Dine SAB de CV is a Mexico-based company principally engaged in the real estate sector. The Company focuses on the construction and promotion of residential and touristic properties, as well as development of large-scale corporate and commercial spaces. Its project portfolio includes the Punta Mita and Punta Ixtapa resorts, the Bosques de Santa Fe, Bosques de las Lomas and Torres del Parque residential real estate, the Arcos Bosques Corporativo offices complex, as well as the Santa Fe shopping center, among others. The Company operates through a range of subsidiaries, such as Cantiles de Mita SA de CV, Servicios Administrativos Punta Mita SA de CV, Operadora de Nayarit SA de CV, Servicios Administrativos Dine SA de CV and Turistica Akko SA de CV.