Sales slow sharply for Brazil builder PDG in fourth quarter
SAO PAULO Jan 29 (Reuters) - Brazilian homebuilder PDG Realty SA reported a sharp slowdown in sales and new project launches in the fourth quarter from a year earlier, according to preliminary operational results released on Thursday.
PDG's gross sales totaled 624 million reais ($240 million) in the quarter, down from 1.437 billion reais a year earlier.
The company started 491 million reais worth of new projects, compared with 946 million reais a year earlier.
PDG is working its way back from an expansion program that left it with unprofitable projects, big quarterly losses and a heavy debt load. Like many of its competitors, the company is now looking to streamline and focus on inventories as it faces an uncertain economic environment in Brazil.
($1 = 2.60 Brazilian reais) (Reporting by Asher Levine; Editing by Bernadette Baum)
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