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Total consolidated revenues for Q3 2008 amounted to CHF 387 million compared to CHF 255 million for the same period last year, with a 52% growth y-o-y.
Real estate revenues witnessed a remarkable increase of 132% reaching approximately CHF 148 million in comparison to CHF 64 million in 2007.
Moreover, hotel revenues reached CHF 128 million achieving 11% growth versus CHF 116 million for Q3 2007. Gross profit increased by 73% reaching CHF 141 million as opposed to CHF 81 million realized for the same period last year, while EBITDA increased by a staggering 69% to a record CHF 106 million a compared to CHF 62 million and a margin of 27% versus 25% for Q3 2007. Net profit increased by 70% to CHF 86 million against CHF 50 million for the same period last year. We believe that OD Holding's operations are more stable than others based on the existing pipeline of contracted real estate pre-sales of CHF 308 million as opposed to CHF 55 million by end Q3 2007, a net debt position of only CHF 113 million, and a low leverage ratio of 0.66x. OD Holding’s conservative financing strategy proved to be quite useful in the past and will continue to protect the Group further in the period ahead. Going forward, OD Holding will continue to seek attractive opportunities that will enhance the Group's growth strategy . The development of the Andermatt project remains on track and we continue to see strong interest from both the public and potential real estate buyers.
During Q4 2008, we hope to receive the final approval on our Andermatt project's site specific master plan from the local and cantonal Government. This milestone would be indicative of how the process was swiftly managed to conclusion.
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