Q2 2024 Rossi Residencial SA - em Recuperacao Judicial Earnings Call (English, Portuguese) Transcript
Key Points
- Rossi Residencial SA (BSP:RSID3) successfully reduced its SG&A expenses by 8% in the first half of 2024 compared to 2023.
- The company achieved a high resale percentage of 86% for canceled units in the first half of 2024.
- Gross profit for the first half of 2024 was BRL2.8 million, a significant improvement from minus BRL9.2 million in the first half of 2023.
- Cash and cash equivalents for the quarter stood at BRL39 million, indicating strong liquidity.
- The company delivered all its units, eliminating future construction costs.
- Gross sales for the first half of 2024 were BRL14 million, 19% below the first half of 2023.
- The company's net income was negative BRL29 million for the quarter, despite an improvement compared to the previous year.
- The transfer speed for the quarter decreased by 6.5 percentage points compared to the first quarter of 2024.
- Inventory decreased by BRL9 million, reflecting conservative new launches and renegotiations of canceled units.
- Sales from non-strategic regions accounted for 44% of total sales, indicating a potential focus on less profitable areas.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Rossi's conference call to discuss Q2 2024 earnings release results. Here with us today are Mr. Fernando Miziara, CEO; and Mr. Persio Careli, company's Director.
We'd like to inform you that this event will be recorded and simultaneous interpretation into English is available. You can select the webcast language at ri.rossiresidencial.com.br. (Operator Instructions)
Before proceeding, we'd like to clarify that any forward-looking statements that may be made during this presentation regarding the company's business prospects, projections, and operational and financial targets constitute beliefs and assumptions of Rossi's management team as well as information currently available to the company.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and assumptions as they refer to future events and therefore, depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operating factors may affect the company's
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