(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 Brazilian homebuilder Gafisa
posted an unexpected second-quarter profit on Friday
as management works to turn the company around after a string of
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)