April 12, 2018 / 9:36 PM / in 2 months

Brazil's Cyrela sales up strongly, project launches drop

SAO PAULO, April 12 (Reuters) - Cyrela Brazil Realty SA , Latin America’s largest homebuilder, reported a steep rise in contracted sales in the first quarter, and a sharp drop in new project launches, in line with recent trends at the upscale developer and its peers.

The company said in a securities filing on Thursday that contracted sales rose 18 percent in annual terms to 613 million reais ($180 million), while new project launches fell 29 percent to 434 million reais.

$1 = 3.41 Brazilian reais Reporting by Gram Slattery; editing by Diane Craft

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