Brazil builder PDG posts loss, announces capital increase

miércoles 18 de marzo de 2015 20:58 GYT
 

RIO DE JANEIRO, March 18 (Reuters) - Brazilian homebuilder PDG Realty SA posted a net loss of 222 million ($69 million) in the fourth quarter of 2014, down from a 19 million reais profit a year earlier due to fewer launches and gross sales.

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 trying to streamline and focus on inventories as it faces an uncertain economic environment in Brazil.

In a separate filing on Wednesday, PDG announced an agreement with Vinci Partners to increase its private capital by a minimum 300 million reais and a maximum 500 million reais.

The proposed capital increase will take place through a private subscription of up to 1.13 billion common shares at 0.44 reais per shares, the filing said.

($1 = 3.2 reais) (Reporting by Luciana Bruno; Writing by Caroline Stauffer; Editing by Ken Wills)