Brazilian property firm Gafisa sees 59% rise in revenue
Brazilian property builder Gafisa has reported a 59 per cent increase in net operating revenue for the first quarter of the year.
The company registered income of 541.9 million reais (£171 million), up from 340 million reais for the same period in 2008.
"I am pleased that our operating results remained strong for the first quarter of 2009," said Wilson Amaral, chief executive of the firm, one of the leading Brazilian property builders.
He added that the company managed to "successfully ramp up" its sales efforts, generating over 558 million reais worth of income.
Mr Amaral revealed that the firm’s subsidiary, Tenda, was in an "excellent position" to execute its expanded business plan for development of projects in the affordable sector as a result of the government housing package.
Earlier this week, Brazil real estate firm Cyrela announced profits of 100 million reaise (£31.5 million) for the first quarter of the year, Dow Jones Newswires reported.
