Brazil's Gafisa to maintain pace of project launches
SAO PAULO Aug 10 (Reuters) - Brazilian homebuilder Gafisa SA plans to maintain the pace at which it launches new building projects in both its mid-range and low-income business units, executives said on a Monday conference call to discuss quarterly earnings.
The value of new projects launched by the Tenda low-income unit in the quarter rose 132 percent on an annual basis to 229.4 million reais ($65.73 million), the company said in a late Friday earnings release. The value of projects launched under the middle-income Gafisa brand fell 20 percent to 252.6 million reais as the company adapted operations to current market conditions.
($1 = 3.49 Brazilian reais) (Reporting by Asher Levine; Editing by Meredith Mazzilli)
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