(Bloomberg/Evengy Makarov)

THE Cyrela reported a net income of R$161.7 million in the first quarter of 2022, down 16% from the same period last year. The construction company’s net revenue reached R$ 1.231 billion between January and March, representing an annual growth of 22.7%.

The company launched six projects in the quarter, totaling a launched General Sales Value (PSV) of R$ 1.038 billion, 146 3% higher than in the first three months of last year.

Contracted net sales totaled R$ 1.3 billion in the period, up 27% on the same comparative basis.

General and administrative expenses were R$136.2 million, up 14%. The financial result was positive by R$9.3 million, a decrease of 14.3%.

Cyrela ended March with a net debt of R$ 334.3 million, an increase of 18.7% compared to December. Leverage (measured by the ratio of net debt to equity) stood at 48%.

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