José de Mello Group returns a net profit of 6.9 million euros

May 22, 2002

Despite the economic slowdown that marked 2001, José de Mello, SGPS, SA, improved its main economic indicators during the year.

The José de Mello Group returned a consolidated net profit in the sum of 6.9 million euros at the end of 2001, a 47,9% improvement over 2000, when net profit was restricted by the fact that goodwill was fully written down, an operation that involved about 107 million euros.

Though limiting profits in 2000, the operation did create the conditions for better results in subsequent years, as can be seen in the consolidated profit of 6.9 million euros for 2001.

Consolidated assets were up 28% from 1.741 million euros in 2000 to 2.232 million in 2001. This growth of assets was chiefly the result of the increase of the holding in Brisa, in which the José de Mello Group now has a 20% stake.

Consolidated revenues were also up compared to 2000, to stand at about 854 million euros.

Consolidated shareholders’ equity stood at 305 million euros at the end of 2001, an increase in the order of 4%.