José de Mello Group sees sustained growth in 2003
José de Mello, SGPS, SA, saw sustained growth of its business during 2003, with turnover standing at €813 million and cash flow at €89 million, up by 9% and 42% respectively from 2002.
Despite the adverse economic background, the consolidated turnover of the José de Mello Group rose by €65 million, chiefly the result of the positive contribution made by José de Mello Saúde (€25.2M), Soponata (€16.5 million), José de Mello Imobiliária (€15.3 million) and CUF (€11.7 million).
José de Mello, SGPS, SA’s consolidated EBITDA also performed well, increasing by €9 million during 2003, up 17% from the previous year’s figure. A major contribution to this improvement was provided by the growth of turnover, which was greater than the increase of operating costs, which were higher by just €55.9 million
The Group’s consolidated assets fell by €65.6 million compared to the 2002 figure, the result of the sale of two Soponata ships and of the CUF Descobertas Hospital building, acquired by a property fund.
Consolidated net profit amounted to €2.7 million, a decrease of €31 million caused by the impact in 2002 of the application of the accounting standards in respect of deferred taxes.