Brazil builder PDG posts a Q2 net loss of $59 mln
SAO PAULO, July 31
SAO PAULO, July 31 (Reuters) - Brazilian homebuilder PDG Realty SA reported a second-quarter net loss of 135.3 million reais ($59.4 million), larger than the 104.9 million reais loss posted a year earlier, according to a Thursday securities filing.
Five analysts in a Reuters survey had forecast a second-quarter net loss ranging from 10 million to 42 million reais. Two analysts had expected a profit of about 4 million reais.
Brazil's high inflation and rising interest rates have hurt consumer confidence, leading to more canceled contracts as PDG tries to speed up new construction amid a tricky turnaround.
Sales cancellations worth 275 million reais and a 1.2 percent drop in new project launches contributed to a 19 percent decline in net revenue to 926 million reais.
Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, rose 72 percent to 123.3 million reais, below an average forecast of 167 million reais.
($1 = 2.27 Brazilian reais) (Reporting by Juliana Schincariol; Editing by Ken Wills)