Gafisa (GFA) Earnings

One name we did not have time to get to last week is Brazilian homebuilder Gafisa (GFA) and its earnings report. The full pdf file can be found here - it is quite comprehensive. Some highlights

• Gafisa SA, Brazil's second-largest real estate developer, said second-quarter profit rose 67 percent as higher wages and job growth increased demand for housing.
• Net income grew to 58.8 million reais ($36.2 million), or 45 centavos a share, from adjusted net income of 35.3 million reais, or 27 centavos, a year earlier, the company said in an e-mailed statement. The earnings were higher than the average estimate of 51.4 million reais of three analysts in a Bloomberg survey.
• Launches up 102%
• Revenue up 63%
  
• Mortgage lending rose 89 percent in the 12 months ending in June from the previous year, the central bank said last month. Home sales have been rising steadily as Brazil's ave