August 10, 2012 / 10:59 AM / 5 years ago

CORRECTED-Brazil builder Gafisa posts surprise 2nd-qtr profit

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

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

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