|J a n u a r y - M a r c h 1 9 9 9|
|1998 financial results|
|SOLIDERE released on March 25, 1999 its audited financial
statements for 1998. The Company's results show a net income for the year of US$54.2
The 30.3% decrease compared to 1997 reflects the impactof the cancellation or delayed closing of property sales amounting in gross value to US$66 million. The non-recognition of these sales by year end resulted in sales revenues of US$ 117.9 million, compared to US$144 million in 1997.
In addition to a US$67.5 million net income from sales and rentals, net revenue generated by cash investments amounted to US$20.5 million, with net financial revenues of US$8.4 million after interest and other financial charges.
The Company's balance sheet as at 31.12.98 shoes a cash position of US$188.9 million and US$272.5 million in receivables. With a long-term debt of US$292.5 million, the Company's debt-to-equity ratio is 15.6%.