Fri Aug 9, 2013 10:50pm EDT
SAO PAULO Aug 9 (Reuters) - Brazilian homebuilder Gafisa SA posted a larger-than-expected second-quarter loss due in part to sales cancellations at its low-cost Tenda unit, according to a securities filing on Friday.
Gafisa reported a 14.1 million reais ($6.21 million) net loss, compared with a 1 million real profit a year ago, although its results improved on the 55 million reais net loss from the first quarter of 2013.
Three of the five analysts surveyed in a Thomson Reuters poll predicted an average second-quarter loss of 12.6 million reais, while the remaining two expected a profit of 18 million reais.
Gafisa embarked on a turnaround strategy in October 2011 after a rapid expansion into unfamiliar markets led to huge cost overruns, sales cancellations and big quarterly losses.
The second quarter results suggest the company is still struggling with those problems, especially as older projects near their delivery phase.
Launches in the quarter were down 16 percent from a year earlier at 461 million reais. The company estimated total launches for 2013 would be between 2.7 billion and 3.3 billion reais and said deliveries would be between 13.5 million and 17.5 million units.
Cancelled contracts were worth 354.87 million reais, above the 329.1 million reais a year earlier but below the 481.5 million reais in the first quarter of 2013.
Analysts remain uncertain over Gafisa's future after the company sold off 70 percent of its profitable Alphaville unit in June. The sale should reduce a heavy debt burden but will leave it more concentrated in the middle- and low-income segments.
Proceeds from the sale of Alphaville were not reflected in the second quarter balance sheet. Gafisa said the transaction would be concluded in October.
Total debt at the company rose to 96 percent of shareholder equity from 93 percent at the end of March.
Adjusted earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, fell 27 percent from a year earlier to 94 million reais, missing the average estimate of 98.4 million reais in a Reuters survey.
Gafisa's cash burn, a measure of the speed at which cash is spent on new projects, was 28 million reais in the quarter.
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