Brazil's Cyrela favors buybacks over dividends - CEO
SAO PAULO Aug 14 (Reuters) - Brazilian homebuilder Cyrela Brazil Realty SA is currently favoring stock buybacks over dividend payments as a way to boost shareholder returns, given the current stock price, Chief Executive Officer Raphael Horn said on a conference call with analysts on Thursday.
Cyrela, Brazil's largest homebuilder, reported a 7.6 percent drop in second-quarter net profit as new project launches and sales declined.
The company plans to spend an additional 500 million reais on land purchases by the end of 2014, Chief Financial Officer Eric Alencar said on the call.
At 11:53 a.m. (1453 GMT), Cyrela's shares were up 1.93 percent to 12.67 reais. (Reporting by Asher Levine and Juliana Schincariol; Editing by Jeffrey Benkoe)