Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On March 10, 2009, Gafisa ( ANPI) 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. Total operating costs increased 85.7% to R$475.58 million from R$256.04 million. Gross profit margin contracted 895 basis points to 23.81% from 32.76%. Furthermore, selling expenses more than doubled to R$63.61 million, while general and administrative expenses climbed 73.5% to R$76.30 million. During the quarter under review, total backlog under percentage of completion method rose 92.2% to R$1.02 billion from R$528.00 million in Q4 FY07. Moreover, both Equity International and Marsico Capital Management LLC increased its stake in Gafisa S.A. to 18.7% and 10.25%, respectively. Recently, Gafisa SA canceled its agreement with Odebrecht Empreendimentos Imobiliarios LTDA. For FY08, net operating revenue soared 41.5% to R$1.70 billion from R$1.20 billion in the previous year. Net income for the year advanced 19.9% to R$109.92 million or R$0.85 per share from R$91.64 million or R$0.73 per share in FY07.