PDG Realty SA Empreendimentos & Participacoes, Brazil’s biggest homebuilder by revenue in the last 12 months, reported a decline of 79 percent in first- quarter profit, missing analysts’ estimates.
The Rio de Janeiro-based company posted adjusted net income of 49.8 million reais ($25 million) for the first three months of the year, compared with 239.1 million reais in the same period of 2011, according to an e-mailed statement. The mean estimate of five analysts was for an adjusted profit of 135.4 million reais, according to Bloomberg data.
PDG fell 3.4 percent to 3.93 reais in Sao Paulo at 10:09 a.m., extending the decline of 10 percent yesterday, which was the biggest drop since January 2009. The stock is down 33 percent this year, the worst performance among the 19 members of the Sao Paulo stock exchange real estate index.
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