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Brazilian property developer sees 30% growth in profit

The largest Brazilian property developer PDG Realty has announced a 30 per cent increase in net revenue over the year to June.

Profit during the second quarter of 2011 stood at 1.71 billion reais (£657.66 million), with a net income up 12 per cent at 247.51 reais and adjusted earnings before interest, tax, deductions and amortisation up 19 per cent at 442.16 million reais.

In the year to June, launches grew 14 per cent to 2.05 billion reais and contracted sales expanded by 17 per cent to 1.82 billion reais.

As many as 42 per cent of the units built in this time were part of affordable housing projects, many of which were eligible for the government's Minha Casa, Minha Vida (My House, My Life) programme.

In the second quarter of 2010, 68 per cent of low income units built by PDG qualified for the social housing scheme, while 23 per cent of domiciles were suitable in the three months to June 2011.

Affordable housing projects have been very profitable for one Brazilian property developer, with Rubens Menin Teixeira de Souza, owner of Belo Horizonte-based homebuilder MRV Engenharia & Participacoes, telling Bloomberg that constructing abodes for the less wealthy in the population was one of the factors that led to him becoming a billionaire.

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