Thursday, October 15, 2009

Top Performer in 2009: A Builder, +291% YTD

The tale of two economies. The chart below shows the YTD performance of all Brazilian stocks that trade in New York:

(please click to enlarge)

The top performer: Gafisa, a builder, +291% in 2009.

Commenting on the second quarter highlights, Wilson Amaral, CEO of Gafisa, said: "We witnessed healthy demand in all segments of the Brazilian real estate market. Historically low interest rates, inflation and unemployment levels have prevailed, and the convergence of increasing economic prosperity, strong government support of home ownership, and substantial household formation in all regions of the country contributed to Gafisa achieving strong sales of R$1.4 billion during the first half of 2009. Our diverse residential product lines, brand strength in all income segments, and a national footprint spanning twenty states positioned us very well to capture the renewed growth of the sector."

Amaral continued, "Gafisa posted solid second quarter results, with consolidated revenues of R$706 million, an increase of 54% over 2008 second quarter's result contributing to a gross profit improvement of 41% to R$191 million as compared to the same period one year ago. We sold 5,894 units, representing R$835 million of which almost 75% was inventory launched before 2009. While launches increased sequentially, we will continue to only launch new projects with demonstrated demand and project financing in place."

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