Brazilian property firm Cyrela sees rise in sales and profits
Brazilian property developer Cyrela has increased its year-on-year profits on the back of boosted sales.
The company has reported net profit of 100 million reais (£31.5 million) for the first quarter of the year, up from 68.5 million reais during the same period in 2008, according to Dow Jones Newswires.
It has attributed the rise in returns to an increase in sales of Brazil real estate during the first three months of the year.
Net revenue stood at 671 million reais for the January to March period, up from 550 million reais in the first quarter of 2008, the news provider reports.
Meanwhile, Cyrela’s earnings before interest, taxes and depreciation rose 60 per cent during the period, standing at 151.2 million reais.
The Brazilian property developer recently acquired local rival Goldsztein Participacoes for an undisclosed sum.
It revealed that the new firm will be called Goldsztein Cyrela Empreendimentos Imobiliarios and the management will be based in Porto Alegre.
