Gafisa Posts Net Loss

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On March 10, 2009, Gafisa(ANPI Quote) reported that it swung to a net loss for Q4 FY08, hurt by higher operating costs and expenses. Net loss for the quarter stood at Brazilian Reais (R$) 12.61 million or R$0.10 per share compared to a profit of R$49.50 million or R$0.40 per share in the prior year's quarter. The most recent consensus estimate was a profit of $0.27 per share.

Net operating revenue surged 63.9% to R$624.18 million from R$380.78 million a year ago. The total number of units launched by Gafisa dropped 35.7% to 3,201 from 4,975. Total potential sales (PSV) value decreased 27.9% to R$746.77 million from R$1.04 billion in the year-ago quarter. Total pre-sales PSV decreased 8.3% to R$607.41 million from R$662.41 million in Q4 FY07. The company's land bank was approximately worth R$17.80 billion, composed of 247 different sites equivalent to 115,000 units. ...