Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Rossi Advances Most on Bovespa as Profit Beats Estimates

March 28 (Bloomberg) -- Homebuilder Rossi Residencial SA advanced, defying a rout in most Brazilian stocks, after the company reported a fourth-quarter profit that was higher than some analysts projected.

Shares gained 0.7 percent to 10.33 reais at the close of trading in Sao Paulo. The benchmark Bovespa index slid 1.5 percent.

Rossi’s fourth-quarter net income was 87 million reais ($48 million), the Sao Paulo-based company said in a regulatory filing yesterday. It was expected to post net income of 78.1 million reais excluding extraordinary items, the average estimate in a Bloomberg survey of 10 analysts.

“Results came in at reasonable levels, with margins improvements and sequential decreases in cash burn,” analysts at Credit Suisse including Guilherme Rocha wrote in a research note today.

Net income before adjustments was 91.5 million reais, according to the filing. The homebuilder’s net sales increased 29 percent to 916 million reais in the quarter, while new projects totaled 1.9 billion reais.

To contact the reporters on this story: Karen Eeuwens in London at keeuwens@bloomberg.net; Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.