Shares added 1.8 percent to 5.55 reais today in Sao Paulo, extending the weekly gain to 12 percent, the biggest since the five days ended Sept. 2. The BM&FBovespa Real Estate (IMOBBV) Index was little changed today and added 3.1 percent this week.
Brookfield’s contracted sales rose 21 percent to 4.39 billion reais ($2.38 billion) in the year, while new projects increased 32 percent to 3.93 billion reais, according to a regulatory filing yesterday.
“Management did a good job of increasing efforts to speed up project approvals,” Credit Suisse analysts including Guilherme Rocha wrote in a note to clients today. The results “reduce the risks of another guidance revision, at least in the short term.”
Brookfield lowered its 2011 forecast for new projects to a range of 3.8 billion to 4.2 billion on Aug. 12, from a previous estimate of as much as 5.25 billion reais. Brookfield also cut its 2012 new projects guidance to a range of 4.25 billion reais to 4.75 billion reais.
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org