PDG Leads Declines as New Projects and Contracted Sales Fall
PDG Realty SA Empreendimentos e Participacoes (PDGR3), Brazil’s largest homebuilder by revenue, led declines among the nation’s real estate companies after posting an 80 percent drop in new projects and revising its target.
PDG fell 4.1 percent to 3.24 reais at 11 a.m. in Sao Paulo. It was the worst performance among members of the Bovespa Real Estate index, which fell 0.3 percent.
The company said new projects fell to 404 million reais ($199.1 million) in the second quarter from 2.05 billion a year earlier, according to a regulatory filing today. Contracted sales fell 32 percent to 1.24 billion reais in the period. PDG also cut its new-project target for 2012 to a range of 4 billion reais to 5 billion reais, from 8 billion reais to 9 billion reais.
New projects reached 34 percent of the new target for 2012 at the end of the first half, PDG said.
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