November 9, 2017 / 10:25 PM / a month ago

Brazil homebuilder Cyrela posts Q3 loss as expected

SAO PAULO, Nov 9 (Reuters) - Brazilian homebuilder Cyrela Brazil Realty SA on Thursday reported a third-quarter net loss of 6.8 million reais ($2.1 million), down from net income of 14.4 million reais in the same period of 2016, according to a securities filing.

The net loss was close to the average forecast for a net loss of 4.3 million reais in a Thomson Reuters survey of analysts. Net revenue fell 26 percent to 598 million reais as canceled contracts continued to weigh on operations

Still, free cash flow more than quadrupled to 285 million reais in the quarter on Cyrela’s sale of a stake in developer Tecnisa SA and lower spending on construction and debt servicing.

$1 = 3.25 reais Reporting by Flavia Bohone

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below