Brazil's Cyrela sees new projects picking up in early 2013

SAO PAULO Tue Nov 13, 2012 8:40am EST

SAO PAULO Nov 13 (Reuters) - Cyrela Brazil Realty SA , the country's No. 2 homebuilder, expects to launch more new projects early in 2013 than in recent quarters, Chief Financial Officer Jose Florencio Rodrigues said on Tuesday.

Cyrela's gross profit margin in 2013 should approach the upper end of the company's target for 2012, Rodrigues added in a conference call. In January, the homebuilder forecast a gross profit margin of 30 percent to 34 percent for 2012.

Cyrela posted a slight rise in third-quarter profit on Monday. Revenue declined, with fewer housing starts and cooler demand.

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