PDG Jumps After Announcing Plans to Cut Costs: Sao Paulo Mover
Shares jumped 5.4 percent to 3.13 reais at 12:47 p.m. in Sao Paulo, the best performance on the benchmark Bovespa index. PDG officials informed analysts of their plans to reduce costs on a conference call today to discuss their fourth-quarter loss, according to Alvaro Bandeira, a partner at Orama Asset Management who participated on the call.
It was “positive,” Bandeira said.
A PDG press official didn’t immediately return a phone call seeking comment.
PDG fell as much as 4.4 percent earlier today after reporting that its losses widened in the fourth quarter. The company posted an adjusted net loss of 1.79 billion reais ($890 million) from 20.4 million reais in the year-earlier period, according to data compiled by Bloomberg.
PDG has slid 5.4 percent this year while the Bovespa declined 8.2 percent.
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