Nov. 6 (Bloomberg) -- Gafisa SA rallied the most in a week after the Brazilian homebuilder posted a quarterly profit for the first time in a year.
The shares rose 0.3 percent to 2.90 reais at the close of trading in Sao Paulo, after earlier climbing as much as 6.6 percent. Trading volume was more than double the three-month daily average. It was the only stock that gained today in the BM&FBovespa Real Estate Index, which lost 3.1 percent.
Adjusted net income for the three months ended in September was 15.8 million reais ($6.9 million), according to data compiled by Bloomberg after the company released results yesterday. The average estimate of five analysts surveyed by Bloomberg was 12.7 million reais.
While the Sao Paulo-based company had already released some preliminary figures including booked sales, a 5.19 percentage point increase in gross margins to 27.6 percent was a “positive surprise,” compared with a forecast for 22.7 percent, Banco Itau BBA analysts led by David Lawant said in a research note to clients. The improvement is a result of the greater impact of newer projects on revenue, Gafisa said in a regulatory filing.
“Numbers were better than our expectation,” the Itau analysts wrote. “Gross margins were a positive surprise and improved on a quarterly basis.”
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