* Net profit rises in Q3 over year-ago period

* Shares rise 2.8 pct

* Company sees strong 2010 growth in developments (Recasts to add share prices)

By Guillermo Parra-Bernal and Luciana Lopez

SAO PAULO, Nov 6 (Reuters) - Brazilian real estate developer Gafisa (GFSA3.SA: Quote, Profile, Research) said on Thursday third-quarter net income more than doubled on the back of higher revenues, even as the company reined in new housing launches.

Net income at the Sao Paulo-based company was 85.8 million reais ($49.8 million) in the quarter, compared with a profit of 30.9 million reais a year earlier, according to a securities filing. The figure includes stock options and minority partnerships in some ventures and assets.

The result beat the average expectations of four analysts polled by Reuters, who had expected profit of 79 million reais.

Common shares of Gafisa jumped 2.8 percent to 28.33 reais in Sao Paulo on Thursday. They have advanced 57 percent in the past 12 months.

Net revenue rose to 877.1 million reais in the third quarter from 379 million reais in the same period a year earlier.