Key Facts
—The headline. MRV&Co launched R$2.953bn ($573m) of housing in the second quarter, down 14.4% on a year earlier, while net sales rose 3.5% to R$2.75bn ($534m).
—The tell. Value fell faster than volume, with units launched down 12.8% against a 14.4% drop in value, and an average ticket of R$277,000 ($53,786).
—A promise tested. In its first-quarter filing the company predicted that a March sales bulge would lift second-quarter transfers, and transfers duly rose from 8,229 units to 9,803.
—The gap. Production still outran transfers, at 10,922 units built against 9,803 handed over, a shortfall of 1,119 units; the company says this mismatch strongly influences its cash generation.
