DINE, S.A.B. de C.V. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months of 2016
October 19, 2016 at 03:16 pm EDT
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DINE, S.A.B. de C.V. reported unaudited consolidated earnings results for the third quarter and nine months of 2016. For the quarter, the company reported net sales of MXN 170.4 million against MXN 229.9 million a year ago. Loss before other income was MXN 18.8 million against MXN 3.9 million a year ago. Operating loss was MXN 18.8 million against MXN 3.9 million a year ago. Loss before income taxes was MXN 11.1 million against profit before income taxes of MXN 59.7 million a year ago. Net profit was MXN 35.3 million against MXN 106.1 million a year ago. Accrued sales increased 12.4% as compared third quarter of 2015, mainly driven by the recording of sales of the "Punta Mita" project. Regarding third quarter 2016, sales decreased 25.8% as compared MXN 229.8 million recorded in third quarter of 2015. This perforemance was driven by lower sales at the "Punta Mita", Lagos de la Estadía" and "Bosques de Santa Fe" projects, due to the level of development of these projects explained hereinafter. Operating cash flow was MXN 65.4 million against MXN 61.9 million a year ago.
For the nine months, the company reported sales of MXN 484.4 million against MXN 430.9 million a year ago. Loss before other income was MXN 64.8 million against MXN 71.0 million a year ago. Operating cash flow was MXN 223.3 million against MXN 146.5 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.