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Parque Arauco registers a 28% increase in profits

Parque Arauco reported this Thursday an increase in its profits at the end of the first three months of the year. Specific, rose 28% from the $14,432 million (US$14 million) reported in the first quarter of 2023, up to $18,497 million (US$18 million) in the same period this year.

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The real estate asset company’s revenue followed the same trend, growing more than 25% compared to last year, reaching $72,887 million (US$74 million), versus the $57,953 (US$59 million) registered in the same period of 2023.

“We started the year with significant growth, mainly explained by the addition to our portfolio of two iconic assets that have shown excellent performance: Fabricato Park and Titán Plaza (both in Colombia). The growth is also explained by the effect of conversion to CLP of our operations in Peru and Colombia,” they explained from Parque Arauco.

The company’s EBITDA also rose. Adding up to about 23% more, going from $40,995 million (US$41 million) to $50,383 million (US$51 million) in the quarter ended in March. This was mainly driven by the increase in Colombia, which grew 127.4%. Growth was also experienced in Chile and Peru, although to a lesser extent, with 1.3% and 19.5% more respectively.

Parque Arauco highlighted a series of events that took place during the period in question, such as the announcement of the first multifamily real estate project in the company’s shopping center portfolio with an investment of nearly US$60 million, and investment plan in Mega Plaza Ica (the company’s second most important asset in Peru) for US$17 million.

Additionally, they highlighted the opening of the first Tesla store in Latin America in Parque Arauco Kennedy, which “ratifies the high quality of our portfolio and deepens the list of international brands that have chosen the Parque Arauco portfolio for their first openings in different markets,” they said.

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