SAO PAULO May 11 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
($1 = 3.1399 Brazilian reais)
(Reporting by Tatiana Bautzer; Editing by Lisa Shumaker)