Brazil's MRV plummets after Q2 figures, cash burn concerns grow

Brazil's real estate company MRV MRVE3.SA falls 6% after it reported its second quarter pre-sales and launches figures

The firm reported late Monday a 5.8% year-on-year rise in pre-sales, to 2.69 billion reais ($485.82 million)

It also posted a 54.2% increase in real estate development business to 3.45 billion reais from a year earlier

Analysts at XP say the slightly positive figures were partially offset by the cash burn at MRV Inc., "which has yet to reach a turning point and may continue to weigh on the investment thesis"

MRV is the biggest faller on Brazil's benchmark stock index Bovespa .BVSP, which is down 0.4%

($1 = 5.5370 reais)