Grupo Gicsa, S.A. de C.V. Reports Earnings Results for the Second Quarter of 2019
July 24, 2019 at 12:00 pm EDT
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Grupo Gicsa, S.A. de C.V. reported earnings results for the second quarter of 2019. consolidated net operating income for the quarter was MXN 850 million, while proportional NOI reached MXN 680 million, representing an increase of 17% and 52%, respectively. Considering only the current portfolio, the increase was of 41% and 80%, respectively. Total operating revenues, excluding the recognition of the second quarter 2018 extraordinary services, increased 17% year-over-year, up to MXN 1.1 billion, mainly driven by the contribution of the properties recently opened in 2019.
Grupo Gicsa SAB de CV is a Mexico-based company engaged in the real estate development. The Company specializes in the land acquisition and real estate construction, development, management, sell and rental. Its business activities are divided into six segments: Shopping malls, including construction of shopping centers and retail stores; Business offices, providing office buildings; Industrial properties, involved in the development of industrial space; Residential, executing housing projects; Mixed developments, comprising projects that develop different purpose buildings; and Services, which encompasses hospitality services. The Company develops projects in a range of Mexican cities, such as Mexico City, Merida, Cancun, Queretaro, Monterrey and Tultitlan. Furthermore, It operates through a number of subsidiaries.
GRUPO GICSA S.A.B. DE C.V. 
