July 16, 2018 / 8:42 PM / 3 months ago

Quarterly home launches, sales rise sharply at Brazil's Cyrela

SAO PAULO, July 16 (Reuters) - Cyrela Brazil Realty SA , one of Latin America’s largest homebuilders, reported a strong jump in new home launches and contracted sales in the second quarter, as Brazil’s real estate market continues to pick up steam.

Contracted sales rose some 40.3 percent from the same quarter a year ago to 1.061 billion reais ($275 million), the company said in a securities filing on Monday, while new home launches rose 53.2 percent to 981 million reais.

The increase in home launches comes as homebuilders in Brazil recover from a temporary court ruling in the key state of Sao Paulo that had severely held back launches in the first quarter. ($1 = 3.86 reais) (Reporting by Gram Slattery; editing by Jonathan Oatis)

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