Brazilian home builder reports strong second quarter
Sao Paulo-based Gafisa, one of Brazil’s largest home builders, saw strong second-quarter results, a sign of positive home-building industry growth in that country.
Net income was $16.9 million, up 67 percent compared with $10.1 million last year.
Net revenue was $139.8 million, up 75 percent from $79.8 million in the same period last year.
Wilson Amaral, CEO of Gafisa, said the company saw home pre-sales rise 57 percent in the quarter. He said the company plans to offer additional products, including “new financing options” to the Brazilian home buying market.
“This commitment, coupled with positive industry trends, strong brand recognition and a well-capitalized balance sheet, puts Gafisa in a sound position to continue to deliver rapid and sustainable growth,” he said.
"Gafisa continues to introduce innovative mortgage products to the market, facilitating greater consumer access to financing,” Amaral added. The company recently launched Blueprint Mortgage, a subsidiary that offers consumers a favorable rate with a long-term repayment option while reducing working capital requirements.
Gafisa has completed more than 900 housing developments in Brazil, in cities including Sao Paulo, Rio de Janeiro, Porto Alegre and Manaus.