1. Gafisa reported financial results for 1Q12 with consolidated net revenue of R$927.8 million, up 27% year-over-year, and gross profit of R$201.6 million, up 75% year-over-year. 2. AlphaVille represented 54% of total launches and 45% of total pre-sales during the quarter. Tenda continued working through its legacy projects with negative pre-sales of R$90.4 million. 3. The company ended 1Q12 with a cash position of R$947 million and a net debt to equity ratio of 46% excluding project finance, as it focuses on deleveraging its balance sheet.