Sonae Sierra: More than €300mn in net profits attained in 2007
The Portuguese project developer Sonae Sierra attained more than €300mn in net profits in 2007, an 11% climb compared with the previous year. The Sierra Developments segment, which is responsible for the development of shopping and leisure centers and for plot acquisition, contributed approximately €61.6mn to this result. The firm recorded a reduction only in the total net profit from minority shares, which sank by 23% to €86.2mn. This was because the market value of the assets administered by the Sierra Fund rose more slowly in 2007 than during 2006, Sonae Sierra reported. For 2008, the opening of four shopping centers is planned—two in Italy and one each in Spain and Greece. According to the firm, the total investment volume for these projects is approximately €342mn.