MRV Engenharia e Participacoes SA, a Brazilian homebuilder, said first-quarter profit fell 24 percent, missing analysts’ estimates.
The Belo Horizonte-based company posted net income of 116 million reais ($58.1 million) in the period, from 153 million reais a year earlier, according to a regulatory filing today. Adjusted net income was expected to be 173.8 million reais, according to a Bloomberg survey of five analysts.
MRV expects contracted sales to be in the range of 4.5 billion reais to 5.5 billion reais this year, while the margin of earnings before interest, taxes, depreciation and amortization will be 24 percent to 28 percent, the company said in the earnings statement.
MRV fell 5.5 percent to close at 11.10 reais in Sao Paulo trading today. Shares have gained 3.7 percent this year, compared with an advance of 1.4 percent for the Bovespa index.
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