Brazil's Cyrela says new launches down 44 pct in 2nd qtr

miércoles 20 de julio de 2016 17:43 GYT
 

SAO PAULO, July 20 (Reuters) - Cyrela Brazil Realty SA , Brazil's biggest listed homebuilder, said new launches dropped 44 percent in the second quarter from a year earlier to 598 million reais ($184 million).

In the first half, new launches fell 21 percent to 1.211 billion reais, according to a Wednesday filing giving a preview of Cyrela's second-quarter results.

Cyrela may not generate free cash flow this year as it struggles with the impact of cancellations amid a harsh recession, a senior executive told Reuters this month.

($1 = 3.26 Brazilian reais) (Reporting by Ana Mano)