Tecnisa did not launch any projects in 1Q12… we believe that Tecnisa decided to focus on inventory sales this period. Contracted sales … shrinking 37% quarter over quarter and 54% year over year. Sales speed from inventories was the main negative highlight and was weak at 11.6% (vs.12.6% in 4Q11).
Launches … falling 73% quarter over quarter and 23% year over year… Although Cyrela had attained only 11% of our 2012 estimates, we reiterate that the first quarter tends to be softer on the operational side and therefore we expect a pick-up over the next few quarters. Pre-sales … 49% lower than 4Q11 but increasing 22% compared with 1Q11.