Hm. Not sure what you are referring to. I was suggesting that some may see the delay in the spinoff as a negative. I think the whole matter of the spinoff is a non-issue. Profit generation and conservative debt management is paramount.
First-quarter launches totaled R$313.6 million, a 41% decrease compared to 1Q14 and a 30% increase compared to the last quarter, reflecting the weakened economic environment.
In the quarter, 7 projects/phases were launched in the states of São Paulo, Rio de Janeiro, Bahia and Pernambuco. The Gafisa segment accounted for 24% of the quarter releases and the Tenda segment for the remaining 76%.