CCDI Announces Record Earnings.

SAO PAULO, Brazil, May 7 /PRNewswire-FirstCall/ -- Camargo Correa Desenvolvimento Imobiliario (BOVESPA: CCIM3) announced today the Company's Earnings Release for 1Q08. Net Revenues were R$235.8 million, growing 432% over 1Q07. Gross Income jumped to R$99.5 million, from R$9.9 million, an impressive 905% increase.

"This was by far the best results of the Company's history," said Marcelo Figueiredo, CCDI's CEO. "Our business plan is in full execution and the results are starting to reflect the level of operations we are at."

In terms of Margins, CCDI's Gross Margin for 1Q08 was 42.2%; Net Margin stood at 28.9% and EBITDA Margin was 28.6%, all of which showing material increases over the Margins reported In 1Q07.

CCDI's EBITDA grew an amazing 3,053% in the quarter, to R$67.3 million. Net Income was R$68.2 million, compared to an R$ 12.9 million loss reported in 1Q07.

The Results from the Sales to be recognized was R$164.2 million, growing by 173% compared to the R$60.1 million reported in 1Q07. The Margin over Sales to be Recognized ("Back log Margin") reached 28.8%, 430 basis points higher than 1Q07 backlog margin.

CCDI ended the first quarter of 2008 with a net cash position of R$192.8 million, enough to comfortably finance the Company's working capital needs for the coming periods.

On operational terms, the highlights of the period were the outstanding sales speed of projects launched in 4Q07 and 1Q08, especially the ones posted by the Innova, Interclube and Eco's projects, as well as the sale of the first tower of the Ventura Corporate Towers, a AAA Office Building complex under development in Rio de Janeiro.

"The Ventura was sold at very aggressive prices. With Brazil being recently upgraded to investment grade, and with the real estate market being very bullish, we are very optimistic with the future results of our corporate offices product line," said Paulo Mazzali, CCDI's CFO and IRO.

For more information, please contact CCDI's IR team at (+55) 11 3841-5880, or ri.ccdi@camargocorrea.com.br

CCDI

CCDI is a leading Brazilian real estate developer. Acting on all market segments, in several urban areas, the Company has an R$10.0 billion PSV land bank with premier plots of land in Sao Paulo, Rio de Janeiro, Minas Gerais, Espirito Santo and Parana.