Portugal’s Sonae Sierra makes 84.8% more profits in first-half year

The international shopping centre specialist registered revenue of £1,700 million (€2,329 million) in its first-half year, increasing by 1% from the same date last year.

In specialized retail, Sonae Sierra’s SR division, revenue rose to £424 million (€582 million), up 0.4% from the first-half year of 2014. In the first six months of this year, Sonae SR continued to focus on internationalisation, rolling out new store concepts, investing in product development and implementing omni-channel experiences.

Fernando Guedes de Oliveira, Sonae Sierra’s CEO said: "The first six months of 2015 were marked by the company's highly improved operational and financial performance, demonstrating our ability to achieve gains from the recovery of the European market. We're also growing in the third party service provision area, with the management and letting of six new shopping centres and the signing of new service contracts for the development of projects in different geographies."

Sonae Sierra owns 46 shopping centres and manages/lets 87 malls in 17 countries, including China, Germany, Italy, Spain and Russia. The group also has seven projects under development, including 3 for clients, and 4 new projects in pipeline.