Brazil's Brookfield expects to generate cash, cut debt by 2014
RIO DE JANEIRO
RIO DE JANEIRO Aug 15 (Reuters) - Brazilian homebuilder Brookfield Incorporações SA said on Thursday that it expects to see cash burn falling to neutral levels in the third quarter and eventually turning to cash generation by the end of the year.
The company is at the beginning of a deleveraging process and will begin to reduce its net debt level in the fourth quarter, Chief Executive Officer Nicholas Reade said on a call with analysts to discuss second-quarter results.
The company late on Wednesday reported a net loss of 160.5 million reais ($69.2 million) for the second quarter as it continued to struggle with sales cancellations and cost overruns. Four analysts polled by Reuters had forecast, on average, a loss of 50.8 million reais.