The home developer said its income fell 3.4% due to fewer apartment sales in Mexico City.

Cadu's net profit increased 377.3% in the third quarter of this year (3Q21), to 75 million pesos compared to 15 million pesos in the same period of 2020, shows in the financial report for the months of July and last September.

The result was mainly explained by the incorporation of new investors in the Aldea Tulum project, by selling them a part of the land, revenues of 156 million pesos were generated, which have a higher profit margin than the sale of housing.

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While the total income of the company decreased 3.4% in the comparison period, adding 794 million pesos.

The fall was attributed to the decrease of 27.4% in income from the sale of housing due to the slowdown in the sale of apartments in Mexico City, since in 2020 the sale of Torre Oasis ended and this quarter fewer units were sold of the Torre Lago project.

For the comparison period, an EBITDA of 217 million pesos was registered, increasing 98.6% compared to the previous 110 million pesos. This was due to the sale of land from the Aldea Tulum operation, which had a better margin than the sale of housing.

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Cadu reported that in the months of July to September, more than 100,000 homes were developed for the benefit of Mexican families and more than 22,700 sustainable homes were developed under the ECOCASA program, which seeks to reduce between 20% and 40% the greenhouse gas emissions.

"At CADU we have achieved 36% and we continue with our commitment to the environment by managing a second certification of our homes under the EDGE program of the International Finance Corporation," said Pedro Vaca Elguero, president and CEO of the company.

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Original note