Gafisa S.A. (GFA: Quote) reported full year net loss of R$1.1 billion compared with a profit of R$416.1 million last year and was principally impacted by adjustments totaling R$889.5 million (31% from Gafisa and 69% from Tenda).
Net revenue was R$2.8 billion, 25.1% below the last year's R$3.7 billion net revenues as a result of R$1.2 billion in revenue reversals related to the adjustments, R$1.0 billion coming from Tenda and remaining attributed to the Gafisa segment.
Project launches in 2011 totaled R$3.5 billion reflecting the strategic slowdown of launches at Tenda. The Gafisa segment represented 61%, AlphaVille comprised 28% and Tenda, 11% of total launches.
Looking ahead to 2012, Launches are expected to be between R$2.7 and R$3.3 billion, reflecting the new more targeted regional focus and the deliberate slowdown of the Tenda business. Gafisa should represent 50%, Tenda 10% and AlphaVille 40% of launches.
The Gafisa Group plans to deliver between 22,000 and 26,000 units in 2012 broken down by 30% Gafisa, 50% Tenda and 20% AlphaVille.
The company expects to generate between R$ 500 million and R$700 million in operating cash flow for the full year of 2012.
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by RTT Staff Writer
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