Brazil property firm Cyrela reports £16.8m profits
A Brazil real estate firm has announced gross profits of 50.82 million reais (£16.8 million) for the second quarter of the year.
Cyrela Commercial Properties Empreendimentos e Particoacoes, one of the leading investment and leasing companies in Brazil, reported net revenues of 53.82 million.
The firm, which concentrates on developing and acquiring office buildings, shopping malls and distribution centres for renting, also confirmed a net income of 24.55 million reais.
Cyrela currently owns 190,000 sq m of leasable area and 159,000 sq m of projects which are undergoing work and will be delivered within the next few years.
As well as building commercial real estate from scratch, the company also uses its knowledge of the Brazilian property market to buy, sell and re-sell developments.
Last week, analysts from five banks and brokerages told Reuters they predicted that Brazil real estate firms Gafisa, Rossi Residencial and Cyrela would have experienced a rise in revenues between April and June.
