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Thursday, December 19, 2013

CORRECTED-Brazil's Gafisa sees debt down, launches up in 2014, (NYSE: GFA)

Brazilian homebuilder Gafisa SA plans to rein in expenses next year as it seeks to cut debt, launch more projects in some segments and boost profitability, executives said on Wednesday.The company's Gafisa unit, which builds mid-priced homes, will launch between 1.5 billion reais ($647 million) and 1.7 billion reais worth of new projects next year, while its Tenda unit, aimed at low-income buyers, will begin between 600 million reais and 800 million reais in projects, executives said at an investor event on Wednesday.The estimates for launches in both segments are higher than the guidance for 2013. Management project launches at the Gafisa segment between 1.15 billion reais and 1.35 billion reais this year, with Tenda delivering between 250 million reais and 450 million reais worth of new projects in 2013.Gafisa shares rose nearly 5 percent to 3.67 reais.

Gafisa SA is a Brazil-based company engaged in the homebuilding and real estate operations. Shares of GFA traded higher by 3.34% or $0.11/share to $3.40. In the past year, the shares have traded as low as $2.22 and as high as $5.24. On average, 1631060 shares of GFA exchange hands on a given day and today's volume is recorded at 1786817.