March 24, 2017 / 3:01 PM / a year ago

Cyrela sees relevant Brazil sales cancellations this quarter

SAO PAULO, March 24 (Reuters) - Cyrela Brazil Reality SA is still seeing relevant levels of sales cancellation in the first quarter, indicating that Brazil’s largest homebuilder continues to struggle with the impact of a multi-year downturn in the construction industry.

In a conference call to discuss fourth-quarter results Friday, Co-Chief Executive Officer Raphael Horn said Cyrela will focus on lowering inventories as cancellations and lack of a government response continue to hamper the sector. (Reporting by Ana Mano; Editing by Chizu Nomiyama)

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