Cyrela Brazil Realty SA (CYRE3.BR) said late Wednesday that its net profit in the third quarter dropped 16.6% from a year earlier due to higher operational expenses.
The Brazilian real estate developer reported a net profit of BR$147 million (US$83 million), down from BR$176 million a year earlier.
Cyrela reported third-quarter net revenue of BR$1.56 billion, up from BR$1.16 billion. Earnings before interest, taxes, depreciation and amortization, or Ebitda, totaled BR$227 million, up from BR$220 million. Full report can be downloaded below.ConferenceCall_3T11