May 15, 2020 / 4:15 PM / 12 days ago

Brazilian homebuilder Cyrela sees lower cash generation limiting dividend payments in 2020

SAO PAULO, May 15 (Reuters) - Brazilian homebuilder Cyrela Brazil Realty SA is bracing for lower cash generation in the second-quarter, as the coronavirus pandemic hurts home sales, particularly projects targeting mid and high-income customers, executives said on Friday.

“Cash generation can still be positive, but we’ll keep dividends payment to the minimum ratio this year,” said Chief Financial Officer Miguel Mickelberg in a call with analysts and investors on quarterly results. (Reporting by Gabriela Mello Editing by Chris Reese)

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