SAO PAULO, May 11 (Reuters) - Brazil’s largest homebuilder Cyrela Brazil Realty SA said on Thursday it missed profit estimates in the first quarter, as home sales fell and cancellations remained high.
Cyrela posted first-quarter net income of 4 million reais ($1.3 million), down 93 percent from the same period a year earlier. Including minority interests, consolidated net income reached 34 million reais.
The homebuilder’s net income fell short of a Thomson Reuters consensus of 16.3 million reais.
Revenue of 692 million reais also missed a 780 million reais Thomson Reuters consensus and was 14.6 percent below the first quarter of last year.
Management said in the results presentation that lower interest rates and the first signs of economic recovery were not enough to offset high unemployment and a reduction in mortgage funding. ($1 = 3.1399 Brazilian reais) (Reporting by Tatiana Bautzer; Editing by Lisa Shumaker)