CORRECTED-Brazil builder Gafisa posts surprise 2nd-qtr profit
(Corrects U.S. dollar conversion in 2nd graf)
* Net income of 1 mln reais breaks string of losses
* EBITDA nearly doubles from year earlier
SAO PAULO, Aug 10 (Reuters) - Brazilian homebuilder Gafisa posted an unexpected second-quarter profit on Friday as management works to turn the company around after a string of quarterly losses.
Gafisa reported net income of 1 million reais ($497,500), according to a securities filing, compared with a net loss of 31.8 million reais a year earlier.
Five analysts polled by Reuters forecast, on average, a loss of 21 million reais.
Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, rose 92 percent from a year earlier to 149 million reais, adjusted for stock options, beating a forecast of 98 million reais.
Disappointing results are expected from rival Brazilian homebuilders in the coming week as falling sales and cost overruns erode profits after years of poorly controlled growth.
($1 = 2.01 Brazilian reais) (Reporting by Asher Levine; editing by John Wallace)
- China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan |
- U.S. court rulings create new uncertainty over Obamacare
- Israel pounds Gaza despite international peace efforts |
- EU readies possible capital, tech sanctions on Russia
- Train carrying MH17 bodies on final journey reaches Ukraine city |