Brazilian real-estate developer Gafisa (GFA +13.6%) ramps higher after swinging a profit in Q2...

|About: Gafisa S.A. (GFA)|By:, SA News Editor

Brazilian real-estate developer Gafisa (GFA +13.6%) ramps higher after swinging a profit in Q2 and putting an end to the streak of losses in the previous quarters, as it reduced expenses by cutting the volume of new project launches and slashing costs. Since last year the company has been restructuring its subsidiaries, mainly Tenda, which it acquired at the end of 2008. However, the acquisition hasn't paid off and has been a considerable drain on operating costs.