Brazil builder Rossi’s Q2 net more than doubles

* Net profit more than doubles from year-ago

* Contracted sales reach record as profit beats forecasts

* EBITDA at 159 million reais, up 77 pct

SAO PAULO, Aug 12 (BestGrowthStock) – Brazilian real estate
developer Rossi Residencial’s (RSID3.SA: ) net income jumped 114
percent in the second quarter, beating analyst forecasts, as
contracted sales hit a new record.

Rossi’s profit surged to 109 million reais ($61.5 million)
in the quarter, compared with 51 million reais the previous
year, the Sao Paulo-based company said in a securities filing.

Analysts polled by Reuters had expected Rossi to report net
income of 87 million reais, 70 percent more than a year ago.

Net revenue from operations climbed 76 percent to 649
million reais. Contracted sales hit a record at 905 million
reais.

“We’ve seen strong demand across all income classes, and
our diversified presence allows us to take advantage of
opportunities with greater efficiency,” Chief Executive Officer
Heitor Cantergiani said in the filing.

Earnings before interest, taxes, depreciation and
amortization, a measure of operational profitability and cash
generation known as EBITDA, totaled 159 million reais in the
second quarter, up 77 percent.

The $20 billion “Minha Casa, Minha Vida” low-income housing
program launched last year by President Luiz Inacio Lula da
Silva has helped drive revenue for Rossi rivals Cyrela
(CYRE3.SA: ) and Gafisa (GFSA3.SA: ).

Shares of Rossi rose 0.87 percent to 14.99 reais in
Thursday trading in Sao Paulo.
($1=1.772 reais)
(Reporting by Luciana Lopez; Editing by Anshuman Daga)

Brazil builder Rossi’s Q2 net more than doubles