Could real estate investment in Brazil rise on positive profit results?
Date added: 12th August, 2010 at 10:08
(view all articles from August, 2010)
Categories: Economy, Property News
People considering real estate investment in Brazil may be interested to know that one property developer has reported increased profit.
Cyrela, the largest residential house builder in the country, posted net revenue of R$2.3 billion (£825.59 million) in the first six months of this year, up 51.1 per cent from the same period in 2009.
Meanwhile, its net income rose 32.7 per cent and earnings before interest, taxes, depreciation and amortisation had increased by 23.8 per cent during that time.
One of the factors the firm cited as a driver of its success was the growth of the economy, with the national Institute of Geography and Statistics revealing a nine per cent expansion of gross domestic profit in the first three months of 2010.
Real estate, it noted, was a major support to the financial health of the country, stating that the Brazilian National Confederation of Industry had said the sector broke records in terms of its high performance for the fifth consecutive time in June.
Cyrela has a presence in 64 cities in the nation and has 50 years of experience in the property market.
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