Tecnisa Tumbles After Not Giving Estimates for 2013 Projects
Tecnisa SA (TCSA3), the worst-performing homebuilder this quarter in Brazil, fell for the first time in almost two weeks after the company declined at its annual meeting to give estimates for 2013 projects.
The shares fell 0.4 percent to 8.12 reais at close in Sao Paulo, the biggest drop on a closing basis since Nov. 29. The BM&FBovespa Real Estate index slid 1 percent.
The homebuilder told analysts at a meeting today in Sao Paulo that it won’t make estimates for new projects next year, said Wesley Bernabe, an analyst at Banco do Brasil SA (BBAS3) who attended the meeting in Sao Paulo.
A Tecnisa press officer declined to comment and asked not to be named in accordance with the Sao Paulo-based company’s policy.
Tecnisa yesterday reduced its forecast for new projects in 2012 to 1 billion reais ($481 million) from 1.4 billion reais.
The company’s shares lost 14 percent this quarter through yesterday, compared with a 0.2 percent gain in the real estate index.
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