Brazil homebuilder PDG to extend debt reduction into 2016 -CEO

viernes 31 de octubre de 2014 09:54 GYT

RIO DE JANEIRO Oct 31 (Reuters) - Brazilian homebuilder PDG Realty SA expects to carry out its deleveraging efforts through 2015 and part of 2016, Chief Executive Officer Carlos Piani said on a conference call to discuss third-quarter results on Friday.

The company lost 174.7 million reais ($71.6 million) in the quarter, though investors were encouraged by 173 million reais of cash generation. That erased the cash consumption over the first half of the year and put the company on track towards paying down its hefty debt load.

($1 = 2.44 Brazilian reais) (Reporting by Asher Levine; Editing by James Dalgleish)