Brazil homebuilder Cyrela to focus on inventory as economy slows
SAO PAULO May 15 (Reuters) - Brazilian homebuilder Cyrela Brazil Realty SA will continue to focus its efforts on selling older inventory as a slowing Brazilian economy saps demand for new homes, co-Chief Executive Officer Raphael Horn said Friday on a conference call to discuss its first-quarter earnings.
The company reported quarterly net income of 101 million reais ($33.7 million) on Thursday, a 38 percent drop from a year ago, mostly due to declining sales.
($1 = 2.99 Brazilian reais) (Reporting by Asher Levine; Editing by Bernadette Baum)
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