August 10, 2018 / 2:02 PM / a month ago

Brazil homebuilder MRV projects higher profits as permit issues are low

SAO PAULO, Aug 10 (Reuters) - MRV Engenharia e Participacoes SA, Latin America’s largest homebuilder, expects higher profits and cash generation in coming quarters, which would bring higher dividends, an executive said on Friday.

Speaking to analysts after the release of second-quarter results, Co-Chief Executive Rafael Menin added that the chance of falling behind with construction approvals - a perennial problem in Brazilian real estate - is low this year, as MRV has already secured 70 percent of needed permits.

Shares of MRV were off 1.3 percent in morning trade, while the benchmark Bovespa was down some 1.8 percent. (Reporting by Gram Slattery; Editing by Steve Orlofsky)

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