SAO PAULO, March 24 Cyrela Brazil Reality SA is still seeing relevant levels of sales cancellation in the first quarter, indicating that Brazil's largest homebuilder continues to struggle with the impact of a multi-year downturn in the construction industry.
In a conference call to discuss fourth-quarter results Friday, Co-Chief Executive Officer Raphael Horn said Cyrela will focus on lowering inventories as cancellations and lack of a government response continue to hamper the sector. (Reporting by Ana Mano; Editing by Chizu Nomiyama)
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