Brazil's Cyrela profit up slightly on Rio development
SAO PAULO Nov 13 (Reuters) - Cyrela Brazil Realty SA , Brazil's largest homebuilder by market value, reported a 2.6 percent rise in third-quarter net profit boosted by the recognition of sales in a large housing development in Rio de Janeiro.
Cyrela posted quarterly net income of 179 million reais ($69 million), little changed from 175 million reais a year earlier, according to a securities filing on Thursday. The result just missed an average forecast of 185.6 million reais in a Reuters poll of seven analysts.
The quarter's earnings were boosted by revenue recognition of the company's Riserva Golf project in Rio de Janeiro, Cyrela said.
The company is widely viewed as one of the best-managed in the sector and has outpaced most of its peers in boosting profitability this year.
Cyrela launched 783 million reais worth of new projects in the third quarter, down 36.6 percent from the same period a year earlier. Sales dropped 27.1 percent to 992 million reais, the company said in an October filing.
Cyrela posted a gross profit margin of 29.9 percent in the quarter, down from 32.8 percent a year earlier.
Earnings before interest, taxes, depreciation and amortization - a gauge of operating profit known as EBITDA - fell 2.8 percent from a year earlier to 279 million reais, missing the average estimate of 344.8 million reais in the Reuters survey.
($1 = 2.59 Brazilian reais) (Reporting by Caroline Stauffer and Asher Levine. Editing by Andre Grenon)
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