Brookfield Falls After Surprise Quarterly Loss: Sao Paulo Mover
Brookfield Incorporacoes SA (BISA3), the worst-performing Brazilian homebuilder in 2013, tumbled to a four-year low after posting an unexpected loss for a second consecutive quarter.
Brookfield’s adjusted net loss was 47.7 million reais ($23.8 million) in the three months through March, according to data compiled by Bloomberg after the company released its earnings report late yesterday. The average estimate of six analysts was for a profit of 27.5 million-reais.
The quarterly results were “disappointing” and hampered by “problems in the construction of some projects, which caused an extra cost of 10.4 million reais,” the Rio de Janeiro-based homebuilder said in a regulatory filing. The company posted an adjusted net loss of 419 million reais in the fourth quarter of 2012 while analysts had forecast a 59.6 million-real profit, data compiled by Bloomberg show.
Brookfield slumped 41 percent this year, the worst performance on the BM&FBovespa Real Estate Index, which slid 10 percent.
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