Newland International Properties (TOCLUB) Alvaro Gonzalez, CFA
Yesterday TOCLUB released its 2Q10 results and will hold a conference call this morning.
For the first seven months, sales total USD 24.8 million including USD 10 million for a second portion of the casino and a 27 unit bulk sale for USD 6.2 million. This amount does not include 26 units for USD 14.7 million that were classified as defaulted and returned to inventory. Cumulative sales have now reached USD 423.8 (905 units), representing 79.9% of total actual dollar sellout and 85.7% of total saleable units. Collections up to July 2010 reached USD 23.4, mostly used for working capital purposes and to comply
with the replenishment of the Debt Service Reserve Account. TOCLUB maintained its collateralization
ratio at 1.46x, above 1.25x required. As mentioned in previous reports, construction costs were
reassessed to USD 266 million.
TOCLUB 9.5% notes due 2014 were last quoted at 90-92 context.