By  on October 13, 2008

Luxury mall owner and operator Iguatemi is riding the wave of Brazil’s growing affluence and consumers’ appetite for luxury goods.

The South American country’s growing economy makes Brazil a nation of voracious shoppers, which is reflected in Iguatemi Empresa de Shopping Center SA’s gains. Net income in 2007 rose 83.6 percent to $25.7 million from $14 million in the previous year. However, net income would have been even higher if not for expenses related to Iguatemi’s February 2007 initial public offering, which reduced earnings by $11.9 million. Revenues were up 42.3 percent to $70.7 million from $49.7 million in 2006. Dollar figures have been converted from the Brazilian real at average exchange for their respective periods.

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