Edgar Filing: Gafisa S.A.

(A free translation of the original in Portuguese)
FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

(In thousands of Reais)

1.	OPERATIONS

Gafisa S.A. and its subsidiaries (collectively designated the "Company") began commercial activities in 1997, having as business activities: (a) the promotion and management of real estate ventures of any nature, for own account or third parties; (b) purchase, sale and negotiation of real estate in general, including the granting of finance to its clients; (c) civil construction and supply of civil engineering services; (d) development and implementation of marketing strategies related to real estate ventures, for own account and third parties and; (e) participation in other companies, in Brazil or abroad, engaged in the same business activities in which the Company is engaged.

The Company’s real estate development enterprises with third parties are structured through participation in Special Purpose Entities (SPEs) or by forming condominiums and consortiums.

In February 2006 the Company concluded an initial public offer of stock on the New Market of the São Paulo Stock Exchange - BOVESPA, which resulted in a capital increase of R$ 494,394 with the issuance of 26,724,000 common shares.

In January 2007 the acquisition of 60% of AlphaVille Urbanismo S.A. (“AUSA”), resulting from the merger of Catalufa Participações Ltda. was completed. The core business of AUSA is to identify, develop and sell high-quality residential condominiums in the metropolitan regions throughout Brazil.

In March 2007 the Company concluded an initial public offer of stock on the New York Stock Exchange - NYSE, resulting in a capital increase of R$ 487,812 with the issuance of 18,761,992 shares.

Also in March 2007, Gafisa began its operations in the lower income class real estate market, concentrated in FIT Residencial Empreendimentos Imobiliários Ltda. (“FIT Residential”), which is one of its wholly-owned subsidiaries.

Page 1

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

2.	PRESENTATION OF THE QUARTERLY INFORMATION

The following quarterly information was approved by the Board of Directors in their meeting held on August 1, 2007.

Basis of presentation

The quarterly information was prepared in conformity with accounting practices adopted in Brazil, which incorporate in general the accounting rules set out in the Brazilian corporate law, adopted by every type of company in Brazil, considering the accounting aspects that are specific to the different market, and regulated by the regulating authorities (Central Bank of Brazil, Brazilian Securities Commission - “CVM”, Superintendent of Private Insurance, etc.) which represent an evolution in regard to the corporate law rules. In other words, the practices supported by the corporate law and recognized by the regulating authorities as a progress in the convergence with international accounting rules are considered covered in the context of the accounting practices adopted in Brazil.

The consolidated cash flow statement, presented as supplementary information, is not required by the Brazilian Corporate Law, but was prepared according to the Accounting Rules and Practices # 20 (NPC 20) established by IBRACON.

In the preparation of the quarterly information it is necessary to use estimates to value assets, liabilities and other transactions during the reporting period and the disclosure of contingent assets and liabilities at the date of the quarterly information. The quarterly information includes estimates that are used to determine certain items, including, inter alia, the budgeted costs of the ventures, the provisions required for the non-recovery of assets, provision for credits that are not recognized related to the deferred income tax and the recognition of contingent liabilities, the actual results of which may differ from the estimates.

Consolidation practices

The quarterly information of the parent company and consolidated was prepared in accordance with the consolidation rules established in Law 6.404/76 and Instruction CVM # 247/96 and includes all of the subsidiaries listed in Note 8, with separate disclosure of the participation of the minorities. In regard to the jointly-controlled companies, the consolidation incorporates the assets, liabilities and result accounts, proportionally to the total equity interest held in the corporate capital of the corresponding investee.

The inter-company balances and transactions, as well as the unrealized profits, were eliminated in the consolidation, including investments, current accounts, dividends receivable, revenues and expenses and unrealized results among consolidated companies. Transactions and balances with related parties, shareholders and investees are reported in the corresponding explanatory notes.

Page 2

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

3.	MAIN ACCOUNTING PRACTICES

Recognition of Results

(i) Calculation of the result of the development and sale of real estate – The revenues, as well as the costs and expenses related to development, are taken to the result over the period of construction to the extent of the financial development thereof, as determines Resolution CFC # 963, considering the date on which the works began and not the date of execution of the sale or receipt of the uncompleted units sold.

Accordingly, in the sales of uncompleted units the result is recognized based on the estimated profit margin at the end of the development on the date of each balance sheet, adjusted according to the contractual and performance conditions of the ventures, considering the percentage of the costs incurred in relation to the total costs at the end of each period of the units sold, as detailed below:

The stage of completion of the works is determined based on the financial progress of the enterprise. The rate of the financial progress of the enterprise is calculated based on the percentage of the costs incurred, including expenses with land and construction costs in relation to the total budgeted costs up to the completion of the works, estimated as of the date of each balance sheet. The total budgeted cost estimated up to the completion of the works includes the costs incurred at the date of each balance sheet when it was prepared, plus the budgeted and contracted costs to be incurred as of that instance.

To calculate the revenue to be appropriated in the period, the percentage of the costs incurred should be applied to the total sales value of the units, adjusted in accordance with the contractual conditions.

The revenue is recognized in the period and includes the amount found as per the preceding paragraph, deducted from the total revenues already recognized in the former periods related to the units sold.

The taxes due over the difference between the real estate incorporation revenue and the accrued revenue subject to taxation are calculated and reflected in the accounting upon the recognition of such difference in revenue.

The counter-entry of the revenue recognized in the period is incorporated to the assets. Accordingly, any recognized revenue amount that exceeds the amount received from clients is registered in development clients accounts in current assets or long-term receivables, the classification of which observes the same proportion as the estimated future cash flow in relation to the total "Receivables" related to the enterprise.

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FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

On the other hand, any amount received that exceeds the recognized revenue amount is registered in the current liabilities as a "Client Advance".

In the installment sales of completed units the result is incorporated in the instance the sale is realized irrespective of the term for receipt of the contractual price, and provided that the following conditions are met: (a) the value thereof can be estimated, i.e. the receipt of the sale price is known or the sum that will not be received may be reasonably estimated, and (b) the process of recognition of the sale revenue is substantially concluded, i.e. the Company is released from its obligation to perform a considerable part of its activities that will generate future expenses related to the sale of the completed unit.

(ii) Supply of construction services– Revenues from the supply of real estate services consist basically of amounts received related to the management of construction work for third parties, technical management and management of real estate. The revenue is recognized, net of the corresponding costs incurred, to the extent that the services are provided.

Cash and banks and financial investments– Substantially represents bank deposit certificates and investment in investment funds, denominated in Reais, with high market liquidity and maturity not greater than 90 days or in regard to which there are no penalties or other restrictions for the immediate redemption thereof. They are stated at cost, except the investment funds that are registered at market value, plus the income earned up to the date of the balance sheets.

Receivables– They are stated at cost, plus monetary correction. The allowance for doubtful accounts, when necessary, is constituted in an amount that is considered sufficient by management to cover probable losses on the realization of the credits. The outstanding installments are adjusted based on the National Civil Construction Index – INCC during the construction phase, and on the General Market Prices Index - IGP/M after the date of delivery of the keys of the units that are completed. The balance of the receivables is adjusted by annual interest of 12%. The financial revenue based on the balance of the receivables account is registered in the result as "Development Revenue", the interest recognized at June 30, 2007 totals R$ 4,301 (parent company) and R$ 10,187 (consolidated).

Page 4

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

Certificates of real estate receivables (“CRIs”) - The Company financially assigns real estate receivables to securitize the issuance of CRIs. Such assignment (usually without recourse) is registered as a reduction of the receivables account, after the date of delivery of the keys of the corresponding real estate units that comprise the CRIs portfolio representing the gross amount of the credits assigned. The financial discount, which represents the difference between the amount received and the credit at the date of the assignment, is appropriated to the result in the financial expenses account over the term of validity of the contract. The expenses with commissions paid to the issuer of the CRIs are recognized directly in the result when incurred on the accrual basis. The financial guarantees, when participation is acquired (subordinated CRI) and maintained to secure the receivables that were assigned, are recorded in the balance sheet at their market value.

Real estate to commercialize - Includes the costs incurred with the construction and/or acquisition of unsold land and real estate, including capitalized interest, in the construction phase and of the already completed units. The balances outstanding at the end of each period do not exceed their corresponding net realization values. The Company acquires a part of the land through exchange operations in which, in the exchange for the land acquired it undertakes (a) to deliver real estate units of developments being built or (b) a part of the sales revenues originating from the sale of the real estate units of the developments. The effective construction cost of the exchanged units is diluted in the other unsold units. The Company capitalizes interest during the construction phase (limited to the corresponding financial expense amount) in the case of existence of specific financing for the enterprises.

Expenses with sales to appropriate - The balance of the expenses to appropriate includes the expenses related to tangible assets (costs with the sales stand, mock-up apartments and corresponding furniture) of unsold units. This balance is amortized against the selling expenses account based on the cost incurred in relation to the total budgeted cost.

Expenses with warranties - The Company provides limited warranties for five years covering structural flaws in the developments sold. Given that the warranties for the work performed (responsibility and costs) are usually provided by the Company’s subcontractor, the amounts paid by the Company are not significant.

Prepaid expenses - Includes miscellaneous expenses, including the current part of the expenses with the issuance of debentures and the deferral of the expenses with shares pending issuance, which shall be recorded as an expense upon the issuance thereof.

Property and equipment - Stated at purchase cost. Depreciation is calculated on the straight-line basis, based on the estimated useful life of the asset, as follows: (i) vehicles: 5 years; (ii) utensils and installations: 10 years; (iii) computers and software licenses: 5 years. Expenses related to the acquisition and development of computer systems are capitalized.

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FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

Goodwill and discount on the acquisition of investment– The discount is represented by an acquisition realized 2005, which will be appropriated to the result as the assets are realized, except as set out below. The goodwill relates to the acquisition of investments in subsidiaries, which is based on the expectation of future profitability, and is amortized exponentially and progressively over the maximum term of 10 years. Analysis of the recovery of the goodwill will be conducted annually based on the projections of future results.

On January 8, 2007 the Company acquired the totality of the shares of Catalufa Participações Ltda. (“Catalufa”) by exchanging shares that it owned in the amount of R$134,029. The Company’s Management then merged Catalufa based on its book value at the base date of the operation. The main asset of Catalufa on this base date was the investment in the subsidiary Alphaville Urbanismo S.A. (“AUSA”), with a provision for net capital deficiency, recorded on the equity method of accounting and a participation of 57.42% in the corporate capital, which subsequently increased to 60% pursuant to the capital increase described below.

The difference between the book value of the investment after the Company paid up capital in AUSA in the sum of R$ 20,000 and its market value, supported by an appraisal report, was registered as a goodwill of R$170,941 based on expected future profitability. The balance of the goodwill will be amortized in up to 120 months, exponentially and progressively.

Real estate development obligations– Represents the estimated cost to be incurred of the units sold of the real estate enterprises launched up to December 31, 2003. The counter-entry is registered in the "Result of sales of real estate to be appropriated". The changes to the budgeted costs are registered to the extent that they are known and allocated between the cost of the sales and the result of the sales of real estate to be appropriated. The costs incurred with the unsold units are registered in "Real estate to commercialize".

Obligations for purchase of real estate– Comprised of the obligations that are contractually established for the acquisitions of land.

Result of the sale of real estate to be appropriated– Represents the residual net amount of the sales of units of the real estate enterprises launched up to December 31, 2003, less budgeted construction costs (that had as a counter-entry the "Real estate development obligations" account), cost of acquisition of land and financial charges of the construction financing.

Selling expenses– Include advertising, campaigns, commission and other similar expenses.

Page 6

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

Income tax and social contribution on the net profit– The income tax (25%) and the social contribution on the net profit (9%) are calculated based on their nominal rates, which total 34%. The deferred income tax is calculated over the totality of the temporary differences. As allowed by the tax regulations, certain subsidiary and associated companies elected the presumed profit taxation system. In regard to such companies the income tax base is calculated at 8% (social contribution on the net profit at 12%) over the gross revenues, to which apply the regular corresponding tax rates of this tax and contribution.

The deferred tax assets are recognized over tax losses, negative base of the social contribution on net profit and temporary differences, to the extent that the realization thereof is likely to occur. If the realization of a deferred tax asset is not likely to occur, there is no accounting recognition. Tax losses do not have a term of expiry, but offsetting is limited in future periods to 30% of the taxable profit of each period. Companies that elect the presumed profit system cannot offset tax losses incurred in a period with subsequent periods.

Other current and long-term liabilities– These are stated at their known or expected value and are registered in accordance with the accrual system, together with, when applicable, the corresponding charges and monetary and exchange variations. The workers’ compensation liability, particularly related to the vacation charges and payroll, is provisioned over the period of acquisition of the right thereto.

Stock option plans– The Company manages Stock Option Plans. The grant of the stock option plan to workers does not result in an accounting expense.

Profit sharing plan extended to the workers and management staff– The Company distributes profit sharing to its workers and management staff (included in the general and administrative expenses). The Company’s by-laws establish the distribution of profits to management (in an amount that does not exceed their annual compensation or 10% of the Company’s net profits, whichever is less). The bonus system operates with three performance triggers, structured based on the efficiency of the corporate targets, followed by business targets and finally individual targets. The sums to be paid under this plan may differ from the accounting liabilities.

Earnings per share– Calculated considering the number of outstanding shares at the date of the balance sheet, net of the treasury shares.

Reclassifications– On June 30, 2007 the Company changed, with retroactive effects (reclassification) in regard to the June 30, 2006 period, the balance of cancelled units to the real estate development revenue account, and of the expenses with CPMF to the financial expenses account, aiming to better present the quarterly information, as established in Deliberation CVM 506.

Page 7

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

4.	CASH AND BANKS AND FINANCIAL INVESTMENTS

	Parent Company				Consolidated
Type of operation	06/30/2007		03/31/2007		06/30/2007		03/31/2007

Cash and banks		3,024		24,797		21,328		34,049

Financial investments:
Investment Funds		649		1,580		649		1,580
Bank Deposit Certificates		460,979		575,432		474,039		585,623

Total cash and banks and investments		464,652		601,809		496,016		621,252

At June 30, 2007 the Bank Deposit Certificates include earned interest from 98.0% up to 100.6% of the Inter-Bank Deposit Certificate (CDI) rate.

In conformity with Instruction CVM 408/04, the Company consolidated the financial statements of the Multimercado Arena and Multimercado Olimpic investment funds, of which it is currently the sole quotaholder. These investment funds centralize the financial investments portfolio, outsourcing the administrative tasks and maximizing the return to the shareholder.

5.	RECEIVABLES, DEVELOPMENT OBLIGATIONS AND RESULT OF SALES OF REAL ESTATE TO APPROPRIATE

Receivables from clients of developments

As of January 1, 2004 the Company prospectively applied Resolution CFC 963, which determines that the receivables be recognized to the extent the revenue is appropriated in accordance with the proportion of the financial cost incurred.

Page 8

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

	Parent Company				Consolidated
	06/30/2007		03/31/2007		06/30/2007		03/31/2007
Total balance of developments:
Current		294,491		266,399		411,256		365,848
Non-Current		166,268		127,404		316,057		236,576

		460,759		393,803		727,313		602,424

Developments not reflected in the financial statements
(as determined by Resolution 963):
Current		170,479		132,384		270,288		220,894
Non-Current		600,275		509,473		793,470		720,555

		770,754		641,857		1,063,758		941,449

		1,231,513		1,035,660		1,791,071		1,543,873

Real estate development obligations

The balance of the real estate development obligations, considering the enterprises launched and implemented up to December 31, 2003 (prior to the introduction of Resolution CFC 963) and those launched and implemented as of 2004, may be stated as follows:

	Parent Company				Consolidated
	06/30/2007		03/31/2007		06/30/2007		03/31/2007
Enterprises developed up to December 31, 2003:
Current		4,260		3,740		5,710		5,088

		4,260		3,740		5,710		5,088
Enterprises developed as of 2004 (not reflected in the financial statements):
Current		364,646		275,246		527,159		473,575
Non-current		96,643		104,393		112,253		130,341

		461,289		379,639		639,412		603,916

		465,549		383,379		645,122		609,004

Result of sales of real estate to appropriate

The balance of the result of the sales of real estate to appropriate, considering the enterprises launched and implemented up to December 31, 2003 (prior to the introduction of Resolution CFC 963) and those launched and implemented as of 2004, may be stated as follows:

Page 9

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

	Parent Company						Consolidated
	06/30/2007			03/31/2007			06/30/2007			03/31/2007
Enterprises developed up to December 31, 2003:
Revenues of sales to appropriate		357			1,372			1,414			1,551
Cost of units sold to appropriate		(325	)		(1,235	)		(361	)		(1,456	)

		33			136			1,053			95


Enterprises developed as of 2004 (not reflected in the financial statements):
Revenues of sales to appropriate		788,299			661,385			1,100,269			985,735
Cost of units sold to appropriate		(474,364	)		(397,298	)		(681,415	)		(613,817	)
		313,935			264,088			418,854			371,918

		313,967			264,224			419,907			372,013

Allowance for doubtful accounts and client advances

The constitution of an allowance for doubtful accounts was considered unnecessary, since these credits substantially refer to developments under construction, whereby the concession of the corresponding property deeds occurs only after the liquidation and/or negotiation of the clients’ credits.

The balances of the client advances, which exceed the revenues recognized in the period, amount in the consolidated to R$ 50,181 at June 30, 2007 (March 31, 2007 - R$ 62,833) and are classified in "Client advances (development and services)".

Sale of receivables by securitization

The Company adopted a program of securitization of receivables with third parties, through which it sold client receivables. The company that acquired the client receivables portfolio transferred the same to a fiduciary agent. The fiduciary agent then sells investment certificates ("CRIs"), which represent an undivided participation in the client receivables held by the fiduciary agent to an investor.

The Company uses this program to finance its cash needs more efficiently. The programs contain certain conditions and requirements, including a criterion related to the quality of the receivables in the client portfolio. If the conditions or requirements established in the programs are not met, the resources originating from the program could be restricted or suspended, or their cost could increase.

Page 10

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

Assignments of receivables by securitization are registered as a sale, after certain conditions are met, and in such situation the corresponding receivables are excluded from the financial statements. In the case of existence of recourse against the Company, the receivable assigned is maintained registered in the balance sheet. The Company maintains participation in the receivables portfolio (junior CRIs) based on levels determined by the fiduciary agent that acquired the client portfolio. In this case, the junior CRIs are included in the financial statements in the "Clients – Non-Current receivables" account.

The Company entered into an agreement with Brazilian Securities Companhia de Securitização ("BSCS") on September 13, 2006, in which the Company transferred a securitized receivables portfolio to BSCS totaling R$ 61,800 (nominal value). BSCS issued CRIs with a term of redemption of up to 100 months. The Company agreed to assign and transfer the client receivables to BSCS in the amount of R$ 61,400 (present value) in exchange for cash, at the date of transfer, discounted to present value. The CRIs were issued in two different classes: senior CRIs and junior CRIs. Under such agreement the Company undertook to acquire all of the junior CRIs, representing approximately 19% of the amount issued, totaling R$ 11,826 (present value). The senior CRIs are indexed to the IGP-M and accrue interest at 12% per annum. The Junior CRIs were issued to secure a minimum return to the senior CRIs and can only be redeemed after the senior CRIs are totally redeemed.

The Company measures the market value of its participation in the assigned receivables portfolio (junior CRIs) throughout the total term of maturity of the securitization program. Additionally, the Company estimates and registers a provision for losses over the percentage of its participation maintained in portfolio, when necessary. In this regard the book value of this participation is equal to its corresponding market value.

6.	REAL ESTATE TO COMMERCIALIZE

	Parent Company				Consolidated
	06/30/2007		03/31/2007		06/30/2007		03/31/2007

Land		170,386		177,133		187,257		214,235
Real estate under construction		188,942		187,372		351,753		295,704
Completed units		26,107		12,169		55,003		49,520

		385,435		376,674		594,013		559,459

The Company has undertaken commitments to build units, exchanged for the acquisition of land, which are stated in the balance sheet as follows: (i) budgeted construction cost of exchanged units diluted in the other units sold (registered in real estate development obligation); (ii) effective cost of construction of exchanged units diluted in the other unsold units, registered in real estate under construction.

Page 11

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
Quarterly Information (ITR)	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES	June 30, 2007
Voluntary Resubmission	Unaudited

01610-1 GAFISA S/A	01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

7.	OTHER RECEIVABLES – CURRENT

	Parent Company				Consolidated
	06/30/2007		03/31/2007		06/30/2007		03/31/2007

Miscellaneous current accounts (a)		243,479		210,033		45,217		40,265
Values with brokers		10,425		8,470		15,214		14,780
Assignment of receivable credit		9,154		9,055		9,154		9,055
Financing of clients to release		10,448		10,448		10,635		10,635
Deferred PIS and COFINS		15,414		17,097		19,052		20,555
Advances for future capital increase		39,853		5,986		3,215		3,215
Other		16,452		20,070		16,930		19,351

		345,225		281,159		119,417		117,856

(a)

The Company participates in the development of real estate ventures jointly with other partners, directly or through related parties, based on the constitution of condominiums and/or consortiums. The management structure of these ventures and the cash management are centralized in the leading company of the enterprise, which manages the works and the budgets. Thus, the leader of the enterprise assures that the allocations of the resources needed are made and applied as planned. The sources and allocations of resources of the venture are reflected in these balances, observing the participation percentage, which are not subject to adjustment or financial charges and do not have a predetermined maturity. The average term of development and completion of the enterprises in which the resources are allocated is three years. Other payables to partners of real estate ventures are presented separately.

Page 12

(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE

BRAZILIAN SECURITIES COMMISSION (CVM)

QUARTERLY INFORMATION - ITR

TYPE OF COMPANY: COMMERCIAL, INDUSTRIAL AND OTHER

Voluntary Resubmission

Corporate Legislation

June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE

01610-1

2 - COMPANY NAME

GAFISA S/A

3 - CNPJ (Federal Tax ID)

01.545.826/0001-07

07.01 - CONSOLIDATED STATEMENT OF INCOME (in thousands of reais)

1 - CODE	2 - DESCRIPTION	3 - 4/1/2007 to 6/30/2007			4 - 1/1/2007 to 6/30/2007			5 - 4/1/2006 to 6/30/2006			6 - 1/1/2006 to 6/30/2006
3.06.06	Earnings (losses) on equity of affiliates		(37	)		(296	)		1,185			2,354
3.07	Total operating income		30,516			23,365			21,303			6,764
3.08	Total non-operating (income) expenses, net		0			0			0			0
3.08.01	Income		0			0			0			0
3.08.02	Expenses		0			0			0			0
3.09	Income before taxes/profit sharing		30,516			23,365			21,303			6,764
3.10	Provision for income and social contribution taxes		(1,774	)		(3,365	)		(1,140	)		(1,970	)
3.11	Deferred Income Tax		5,703			4,152			(881	)		(289	)
3.12	Statutory Profit Sharing/Contributions		(560	)		(1,120	)		0			0
3.12.01	Proft Sharing		(560	)		(1,120	)		0			0
3.12.02	Contributions		0			0			0			0
3.13	Reversal of interest attributed to shareholders’ Equity		0			0			0			0
3.14	Non-controlling shareholders’ interest		(1,743	)		(3,444	)		0			0
3.15	Income/Loss for the Period		32,142			19,588			19,282			4,505
	NUMBER OF SHARES OUTSTANDING EXCLUDING TREASURY SHARES (in thousands)		129,257			129,257			102,431			102,431
	EARNINGS PER SHARE (Reais)		0.24867			0.15154			0.18824			0.04398
	LOSS PER SHARE (Reais)

Page 5

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

Gafisa Reports Strong Secong Quarter Results

Net operating revenue increases 75% to R$267 million

Company posts 72% growth in launches and 50% growth in pre-sales

São Paulo, August 6, 2007– Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), Brazil’s leading diversified national homebuilder, today reported its financial results for the second quarter ended June 30, 2007 (2Q07). The following financial and operating information, unless otherwise indicated, was prepared and presented in accordance with Brazilian GAAP (BR GAAP) and in Brazilian Reais (R$). Additionally, financial statements and operating information consolidate the numbers for Gafisa and its subsidiaries, and refer to Gafisa’s stake (or participation) in its developments.

Commenting on second quarter results, Wilson Amaral, chief executive officer of Gafisa S.A. said, “I am pleased with the operating and financial results we delivered in the first half of 2007. Not only did we launch new developments valued close to R$800 million, on a consolidated basis, but importantly, we also continued to show robust pre-sales results during the quarter, indicating increasing consumer demand for our products. We are committed to serving all levels of the homebuyer market through products tailored to their needs and to the introduction of new financing options for consumers. This commitment, coupled with positive industry trends, strong brand recognition and a well capitalized balance sheet, puts Gafisa in a sound position to continue to deliver rapid and sustainable growth.” Additional management comments about the Company’s results can be found on page 4 of this release.

Operating & Financial Highlights for the 2Q07

IR Contact

Email: ir@gafisa.com.br

Tel: +55 (11) 3025-9305

IR Website:

www.gafisa.com.br/ir

2Q07 Earnings Results

Conference Call

Date:

Tuesday, August 7, 2007

> In English

11:00am EST

12:00pm Brasilia Time

Phone: +1 (973) 935-8893

Code: 9046538

Replay: +1 (973) 341-3080

Code: 9046538

> In Portuguese

9:00am EST

10:00am Brasilia Time

Phone: +55 (11) 2101-4848

Code: Gafisa

Replay: +55 (11) 2101-4848

Code: Gafisa

· Project Launches for 2Q07 totaled R$470.7 million, a 71.6% increase over 2Q06. Pre-sales for 2Q07 totaled R$342.8 million, a 49.8% increase over 2Q06.

· For the three months ended June 30, 2007, consolidated net operating revenues, recognized by the Percentage of Completion (“PoC”) method, rose 75.2% to R$266.5 million from R$152.2 million for the 2Q06 period.

· 2Q07 EBITDA reached R$38.4 million (14.4% EBITDA margin), a 90% increase compared to the R$20.2 million 2Q06 EBITDA (13.3% EBITDA margin).

· Net Income for 2Q07 was R$32.1 million (12.1% Net Income margin), an increase of 52.2% compared with the adjusted net income of R$21.1 million in 2Q06 (13.9% Net income margin). 2Q07 Adjusted Earnings per Share was R$.25, a 20.6% increase compared to the R$.21 in 2Q06.

· The Backlog of Results to be recognized under the PoC method reached R$418.8 million in 2Q07 representing 75.4% growth over 2Q06. The Backlog Margin to be recognized reached 38.1%.

· In 2Q07 we continued consolidating our national presence, launching developments in Maceio (state of Alagoas), Manaus (state of Amazonas), Salvador (state of Bahia) and Belém (state of Pará). Also, in June we launched our first development in Santos (state of São Paulo).

· During the quarter Gafisa launched an innovative mortgage product with a leading financial institution, “Blue Print Mortgage.” This new product offers consumers favorable rates with a long-term repayment option while reducing working capital requirements for Gafisa. In three recent project launches offering the Blueprint mortgage option on average 69% of the units sold utilized the credit facility.

Page 1

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

	· Working capital requirements continue to improve as more homebuyers finance pre-sales through bank mortgages. During the first semester of 2007 60% of our pre-sales were financed with bank mortgages, compared with 35% during the year of 2006.
	· Leveraging Gafisa´s existing regional partnerships, Fit Residencial has expanded its national footprint. FIT is currently developing projects in Salvador (Bahia), Belém (Pará), Goiania (Goias) and Porto Alegre (Rio Grande do Sul). Fit Residencial´s Land Bank reached R$233 million.

Page 2

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

Recent Developments

During the second quarter of 2007, Fit Residencial, a wholly-owned subsidiary focused on urban developments for the mid-low income segment of the market, accelerated the ramp-up of its operations. Strong consumer acceptance of Fit’s first project in Jacanã, launched in March 2007, resulted in sales reservations of over 85% (Fit Residencial recognizes sales only after the client has received the final approval by Caixa Econômica Federal). A dedicated team from CEF working closely with Fit on qualifying home-buying applicants has resulted in smooth and efficient credit processing procedures averaging less than 30 days to complete. Leveraging Gafisa´s existing partnerships, Fit Residencial expanded its national footprint and increased its land bank to R$233 million. Fit is currently developing projects in Salvador (Bahia), Belém (Pará), Goiânia (Goias) and Porto Alegre (Rio Grande do Sul).

In 1Q07, Gafisa created a joint venture, Bairro Novo, with Odebrecht Empreendimentos Imobiliários, Ltda to exclusively develop, manage and build large scale Affordable Entry Level (AEL) projects in suburban areas, with over 1,000 units per development. Since that time, a management team has been named and plans are underway to launch the joint venture’s first project during the first semester of 2008. Modeled after the Mexican affordable housing model, Bairro Novo will develop large standardized communities, complete with the necessary community and public infrastructure.

During the quarter Gafisa launched an innovative mortgage product with a leading financial institution, “Blue Print Mortgage.” This new financial product allows buyers to finance a 10% initial down payment as well as lock-in a twenty-five year bank mortgage on the remaining 90% purchase price of a new home prior to construction. Home buyers without an established credit history are able to qualify by paying monthly installments on a timely basis. Additionally, home buyers receive their units 6 to 10 months ahead of the regular schedule, bringing important savings in rent and increased quality of life. This new product offers consumers a favorable rate with a long-term repayment option while reducing working capital requirements for Gafisa.

On March 16,2007 Gafisa became the first Brazilian homebuilder publicly-traded on the New York Stock Exchange (NYSE). Since the follow-on offering on the Bovespa and the NYSE listing, the Company’s trading volume has increased nearly fourfold, with an average daily trading volume of 700.000 common shares on the BOVESPA (approximately R$20MM) and an average daily trading volume of 650.000 common shares on the NYSE (approximately US$10MM).

During the quarter, the portion of Gafisa’s outstanding shares held by public investors (“float”) increased to 86%, reinforcing the Company’s position as a truly public company with a strong commitment to the highest standards of corporate governance. Management believes that this provides Gafisa with an important competitive edge in today’s marketplace.

Page 3

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

Operating and Financial Highlights	2Q07			2Q06			Var. (%)			1H07			1H06			Var. (%)
Project Launches (R$000) (% Gafisa)		470,673			274,215			72	%		773.819			436.239			77	%
Project Launches (R$000) (including partners stakes)		678,832			372,196			82	%		1.023.793			534.220			92	%
Project Launches (Units) (including partners stakes)		2,744			1,254			119	%		4.561			1.736			163	%
Average Project Launch Price (R$/sq.m) (100% without lots)		2,625			2,853			-8	%		2.584			3.062			-16	%
Pre-Sales (R$000) (% Gafisa)		342,778			228,870			50	%		597.281			381.206			57	%
Sales from projects launched in 2007 (R$000) (% Gafisa)		224,361			143,699			56	%		299.521			186.163			61	%
Sales from inventory prior to 2007 (R$000) (% Gafisa)		118,418			85,171			39	%		297.760			195.043			53	%
Pre-Sales (R$000) (including partners stakes)		439,012			272,458			61	%		745.525			436.176			71	%
Pre-Sales (Units) (including partners stakes)		1,806			766			136	%		2.992			1.432			109	%
Average Sales Price (R$/sq.m) (100% without lots)		2,705			2,805			-4	%		2.741			2.838			-3	%

Net Operating Revenues		266,548			152,151			75	%		490,864			283,977			73	%
Gross Profits		80,081			39,124			105	%		148,041			74,050			100	%
Gross Margin		30.0	%		25.7	%		4.33p.p.			30.2	%		26.1	%		4.08p.p.
EBITDA		38,416			20,175			90	%		74,627			40,597			84	%
EBITDA Margin		14.4	%		13.3	%		1.15p.p.			15.2	%		14.3	%		0.91p.p.
Extraordinary Expenses		0			-1,840			-100	%		-30,174			-29,176			3	%
Adjusted Net Income		32,140			21,122			52.2	%		49,762			33,681			48	%
Adjusted Net Margin		12.1	%		13.9	%		-1.82p.p.			10.1	%		11.9	%		-1.72p.p.
Adjusted Earnings per Share		0.25			0.21			20.6	%		0.39			0.34			14.3	%
Average number of shares, basic		129,195,063			102,430,921			26	%		127,098,840			98,305,345			29	%

Backlog of Revenues		1,100			540			104	%		1,100			540			104	%
Backlog of Results		419			239			75	%		419			239			75	%
Backlog Margin¹		38.1	%		44.2	%		-6.15p.p.			38.1	%		44.2	%		-6.15p.p.

Net Debt (Cash)		-125,259			-147,045			-15	%		-125,259			-147,045			-15	%
Cash		496,016			422,779			17	%		496,016			422,779			17	%
Shareholders’ Equity		1,462,371			807,633			81	%		1,462,371			807,633			81	%
Total Assets		2,295,381			1,406,612			63	%		2,295,381			1,406,612			63	%

Note: ¹ In order to increase transparency and visibility of future earnings, during the fourth quarter ended December 31^st 2006, the Company changed the accounting practice adopted with respect to the costs and earnings to be recognized in our backlog.

Page 4

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

CEO Commentary and Corporate Highlights for Fiscal 2Q07

Fueled by continued growth in the housing industry reflecting increased consumer demand and greater access to financing, Gafisa turned in strong results for the second quarter of 2007. With 20 launches representing almost R$800 million in potential sales value, and 57% growth in pre-sales during the first semester of 2007, Gafisa continued to show that its team is executing on plan and its products are meeting consumer demand.

The real estate market continues to benefit from rising consumer confidence, decreasing interest rates, expansion of loan terms and the strong inflow of commercial bank mortgages. Demand for housing has been fueled by increasing access to financing. The first semester of 2007 was marked by impressive mortgage financing growth in Brazil, with a 67% increase in the amount of mortgages granted over the first semester of 2006.

Competition, particularly in São Paulo, is increasing as additional well capitalized players enter the market. Although we haven’t seen scarcity of available land, prices have been increasing and permitting is becoming more difficult. Over the years Gafisa has developed proprietary technology for permitting projects, which together with our well diversified land bank, has enabled the company to continue approving and launching developments on schedule.

Importantly, the Company’s strong performance during the first half of 2007 reflects positively on our ability to execute on our long term strategy. We have been able to leverage our competitive advantages to the benefit of our customers, partners and shareholders:

Brand: Homebuyers trust the quality of the Gafisa product and have seen a track-record of on-time deliveries. Our high sales velocity speaks to the strength of our brand.

Land Bank: The Company has one of the most expansive and diversified land banks. Gafisa now owns approximately R$6.2 billion in its land bank, in 91 different sites, equaling almost 50.000 units. Importantly, this land bank is highly diversified, with almost 70% outside of the cities of Rio de Janeiro and São Paulo. As mentioned above, although permitting has become a bottleneck for some companies, Gafisa´s proprietary technology for permitting projects together with our well-diversified land bank, has enabled us to continue launching on schedule.

Management: Gafisa’s professional management team, as well as its distinguished training program, continues to attract an unprecedented number of candidates, ensuring a strong pool of management into the future. The 2007 trainee program has recently been launched and expanded to include recruiting in all 27 states of Brazil.

Transparency: Gafisa´s reputation for transparency has made us the preferred partner for consumers who want consistent quality and on-time delivery, joint venture partners who expect fair and transparent relationships, to shareholders who demand the highest standards of corporate governance.

Page 5

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

The second quarter of 2007 was highlighted by many significant accomplishments. I am excited about the opportunities and remain confident in the strength of our professional management team’s ability to continue to execute on our long-term growth strategy.

Wilson Amaral

CEO – Gafisa S.A.

Page 6

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

Project Launches and Pre-Sales

Gafisa’s project launches rose by 71.6%, or R$196.5 million, from R$274.2 million in 2Q06 to R$470.7 million in 2Q07. Following our strategy of diversification into under-explored markets, during 2Q07 Gafisa launched in Maceió (in the state of Alagoas), Manaus (in the state of Amazonas), Salvador (in the state of Bahia) and Belém (in the state of Pará). Also, 2Q07 marked Gafisa’s debut in Santos (in the state of São Paulo). In 2Q07, 53.6% of the launches were in markets outside the cities of São Paulo and Rio de Janeiro.

The decrease in the average price per square meter for the developments launched during 2Q07 (R$2,625, compared to R$2,853 during the same period in 2006) is due to the fact that the mix of our launches in 2Q06 was more concentrated on the High and Mid-high Income segments (48% of launches in 2Q06), which are characterized by a higher price point.

The tables below detail new projects launched in the second quarter and the first 6 months of 2007:

Table 1 – 2Q07 Launches by Segment ¹
	Launches (R$000) (% Gafisa)							Launch price (R$/sq.m) (100%)							Launches (usable area – sq.m) (100%)
Segments	2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)
HIG		-		36,244		-100	%		NA		3,638		NA			-		9,963		-100	%
MHI		176,789		95,955		84	%		3,178		3,296		-4	%		81,587		51,763		58	%
MID		290,796		99,712		192	%		2,392		2,213		8	%		172,826		48,104		259	%
AEL		3,087		-		NA			1,467		NA		NA			4,207		-		NA
LOT		-		42,303		-100	%		NA		278		NA			-		212,000		-100	%
COM		-		-		NA			NA		NA		NA			-		-		NA
TOTAL		470,673		274,215		72	%		2,625		2,853		-8	%		258,621		321,830		-20	%

Table 2 – 2Q07 Launches by Region
Geog. Region		2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)
São Paulo		128,545		73,266		75	%		2,305		3,481		-34	%		69,845		34,043		105	%
Rio de Janeiro		89,767		58,933		52	%		3,176		3,191		0	%		44,342		27,683		60	%
New Markets		252,360		142,016		78	%		2,610		2,213		18	%		144,433		260,104		-44	%
TOTAL		470,673		274,215		72	%		2,625		2,853		-8	%		258,621		321,830		-20	%

Segment Breakdown¹: HIG = High Income / MHI = Mid-High / MID = Middle Income / AEL = Affordable Entry Level / LOT = Urbanized Lots /COM = Commercial (commercial buildings).

Table 3 – 1H07 Launches by Segment ¹
	Launches (R$000) (% Gafisa)							Launch price (R$/sq.m) (100%)							Launches (usable area – sq.m) (100%)
Segments	1H07		1H06		Change (%)			1H07		1H06		Change (%)			1H07		1H06		Change (%)
HIG		-		82,397		-100	%		NA		3,778		NA			-		21,808		-100	%
MHI		176,789		172,134		3	%		3,178		3,285		-3	%		81,587		75,118		9	%
MID		541,951		99,712		444	%		2,452		2,213		11	%		281,036		48,104		484	%
AEL		20,061		6,983		187	%		1,729		1,808		-4	%		13,388		3,862		247	%
LOT		35,018		42,303		-17	%		232		278		-16	%		225,269		212,000		6	%
COM		-		32,709		-100	%		NA		5,169		NA			-		6,328		-100	%
TOTAL		773,819		436,239		77	%		2,584		3,062		-16	%		601,280		367,219		64	%

Table 4 – 1H07 Launches by Region
Geog. Region		1H07		1H06		Change (%)			1H07		1H06		Change (%)			1H07		1H06		Change (%)
São Paulo		221,202		156,428		41	%		2,296		3,292		-30	%		110,449		61,260		80	%
Rio de Janeiro		133,782		137,795		-3	%		3,018		3,646		-17	%		61,250		45,855		34	%
New Markets		418,835		142,016		195	%		2,609		2,213		18	%		429,581		260,104		65	%
TOTAL		773,819		436,239		77	%		2,584		3,062		-16	%		601,280		367,219		64	%

¹ For information about segmentation, refer to glossary in the end of this report.

Page 7

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

Pre-sales for the three-month period ended June 30, 2007 amounted to R$342.8 million, a 50% increase over the same quarter in the previous year. As the strong sales figures confirm, the increased supply in the market has not decreased Gafisa´s sales velocity.

In 2Q07, 83.0% of our pre-sales came from the mid (MID) and mid-high (MHI) segments. High income (HIG), lots and affordable entry level accounted for the remaining 17.0%. The large growth in the MID and MHI segments demonstrates that the fundamentals of the industry remain very compelling. The real estate market is benefiting from rising consumer confidence, decreasing interest rates, expansion of loan terms and the strong inflow of commercial bank mortgages.

Our diversification strategy is showing strong results, as we continue to launch and sell quickly in new markets. Our pre-sales in new markets increased 298%, and accounted for 47% of our total pre-sales in 2Q07.

The tables below set forth a detailed breakdown of our pre-sales for the second quarter and the first 6 months of 2007:

Table 5 – 2Q07 Pre-Sales by Segment ¹
	Pre-Sales (R$000) (%Gafisa)							Sales price (R$/sq.m) (100%)							Pre-Sales – usable area (sq.m) (100%)
Segments	2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)
HIG		21,924		49,451		-56	%		3,633		4,018		-10	%		6,149		12,308		-50	%
MHI		69,889		108,688		-36	%		3,060		3,189		-4	%		35,155		45,627		-23	%
MID		214,787		50,549		325	%		2,619		2,089		25	%		101,217		25,004		305	%
AEL²		13,027		11,628		12	%		1,984		1,239		60	%		7,028		9,410		-25	%
LOT		16,105		6,976		131	%		189		738		-74	%		126,050		16,010		687	%
COM		7,047		1,578		347	%		4,971		3,151		58	%		1,418		573		148	%
TOTAL		342,778		228,870		50	%		2,705		2,805		-4	%		277,017		108,932		154	%

Table 6 – 2Q07 - Pre-Sales by Region
Geog. Region		2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)
São Paulo		129,945		129,908		0	%		3,004		3,069		-2	%		62,596		48,647		29	%
Rio de Janeiro		50,958		58,270		-13	%		2,969		2,660		12	%		22,414		29,787		-25	%
New Markets		161,876		40,693		298	%		2,754		2,271		21	%		192,007		30,497		530	%
TOTAL		342,778		228,870		50	%		2,705		2,805		-4	%		277,017		108,932		154	%

Table 7 – 2Q07 Pre-Sales by Launch Year
Launching year		2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)			2Q07		2Q06		Change (%)
Launches from 2007		224,361		-		NA			2,693		-		NA			134,187		-		NA
Launches from 2006		69,984		143,699		-51	%		3,029		3,320		-9	%		39,301		53,626		-27	%
Launches from 2005		48,433		85,171		-43	%		3,059		251		1118	%		103,529		55,306		87	%
TOTAL		342,778		228,870		50	%		2,705		2,805		-4	%		277,017		108,932		154	%

Note: ¹ For information about segmentation, refer to glossary in the end of this report. ² Fit Residencial recognizes sales only after the client has received the final approval by Caixa Econômica Federal.

Page 8

(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
CVM – BRAZILIAN SECURITIES COMMISSION
ITR – Quarterly Information	Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER	Base Date – June 30, 2007
Voluntary Resubmission	Unaudited
01610-1 GAFISA S/A	01.545.826/0001-07

08.01 – COMMENT ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER

Table 8 – 1H07 Pre-Sales by Segment
	Pre-Sales (R$000) (%Gafisa)							Sales price (R$/sq.m) (100%)							Pre-Sales – usable area (sq.m) (100%)
Segments	1H07		1H06		Change (%)			1H07		1H06		Change (%)			1H07		1H06		Change (%)
HIG		46,432		65,028		-29	%		3,718		3,854		-4	%		12,602		16,871		-25	%
MHI		128,544		159,761		-20	%		3,160		3,252		-3	%		57,678		61,974		-7	%
MID		336,713		98,209		243	%		2,574		2,207		17	%		160,118		46,990		241	%
AEL2		15,796		24,642		-36	%		1,934		1,452		33	%		8,647		17,058		-49	%
LOT		45,973		8,978		412	%		238		691		-66	%		267,047		22,257		1100	%
COM		23,823		24,588		-3	%		5,206		4,791		9	%		4,590		5,374		-15	%
TOTAL		597,281		381,206		57	%		2,799		2,838		-1	%		510,681		170,524		199	%

Table 9 – 1H07 - Pre-Sales by Region
Geog. Region		1H07		1H06		Change (%)			1H07		1H06		Change (%)			1H07		1H06		Change (%)
São Paulo		229,950		226,338		2	%		2,736		2,881		-5	%		103,388		86,453		20	%
Rio de Janeiro		90,830		95,366		-5	%		2,923		3,129		-7	%		40,941		39,511		4	%
New Markets		276,501		59,502		365	%		2,811		2,258		24	%		366,352		44,560		722	%
TOTAL		597,281		381,206		57	%		2,799		2,838		-1	%		510,681		170,524		199	%

Table 10 – 1H07 Pre-Sales by Launch Year
Launching year		1H07		1H06		Change (%)			1H07		1H06		Change (%)			1H07		1H06		Change (%)
Launches from 2007		299,521		-		NA			2,611		-		NA			237,456		-		NA
Launches from 2006		200,261		186,163		8	%		3,011		3,442		-13	%		96,647		64,162		51	%
Launches from 2005		57,765		128,594		-55	%		3,099		2,540		22	%		61,632		58,167		6	%
Up to 2004 launchings		39,734		66,449		-40	%		3,228		2,230		45	%		114,945		48,195		139	%
TOTAL		597,281		381,206		57	%		2,799		2,838		-1	%		510,681		170,524		199	%

Operations

Gafisa now has 89 projects under construction in 14 different states, totaling approximately 5.1 million square meters. With a strong record of managing multiple construction sites spread over a wide geographical area, we believe Gafisa has the expertise to deliver on our aggressive launch strategy.

We have delivered 12 projects this year and expect to deliver another 19 by the end of the year.

Land Reserves

Consistent with our established land bank policies, the Company owns approximately R$6.2 billion in its land bank distributed in 91 different sites. Gafisa’s current land reserve totals R$3.3 billion as we continue aligned with our policy of maintaining land reserves of two to three years of future project launches. The land bank totals 1.5 million square meters, which is equivalent to 13,425 units, of which 9,541 units are in the middle and mid-high income segments. AlphaVille’s current land reserves totals R$2.6 billion, which is equivalent to 12.3 million square meters, and 33,388 units. Fit’s current land reserves totals R$233.1 million, which is equivalent to 137 thousand square meters, and 2,965 units.

We continue with our land bank diversification strategy and at the end of the quarter 68% of Gafisa’s land bank was outside the cities of Rio de Janeiro and São Paulo. Our land bank reflects our strategy of servicing all levels of the homebuyer market. One of our goals going forward is to continue increasing the land bank for Fit Residencial, aimed at the Affordable Entry Level segment.

As of June 30, 2007, the proportion of land acquired through swap agreements in Gafisa dropped to 70.3% compared to 72.4% in March 31, 2007. In 2Q07, the percentage of swap agreements in our land reserve in the city of São Paulo decreased to 39.4% from 46.6% in 1Q07. The stock of land acquired through swap agreements in the city of Rio de Janeiro and in new markets was 88.6% and 72.4%, respectively.

Page 9

6 - AREA CODE 011	7 - TELEPHONE 3025-9000	8 - TELEPHONE 3025-9158	9 - TELEPHONE 3025-9191	10 - TELEX
11 - AREA CODE 011	12 - FAX 3025-9217	13 - FAX 3025-9121	14 - FAX 3025-9217

7 - AREA CODE 011	8 - TELEPHONE 3025-9000	9 - TELEPHONE 3025-9158	10 - TELEPHONE 3025-9121	11 - TELEX
12 - AREA CODE 011	13 - FAX 3025-9121	14 - FAX 3025-9217	15 - FAX 3025-9041

CURRENT YEAR		CURRENT QUARTER			PREVIOUS QUARTER
1 - BEGINNING	2 - END	3 - QUARTER	4 - BEGINNING	5 - END	6 - QUARTER	7 - BEGINNING	8 - END
1/1/2007	12/31/2007	2	4/1/2007	6/30/2007	1	1/1/2007	3/31/2007
09 - INDEPENDENT ACCOUNTANT Pricewaterhouse Coopers Auditores Independentes					10 - CVM CODE 00287-9
11 - PARTNER IN CHARGE Eduardo Rogatto Luque					12 - PARTNER’S CPF (INDIVIDUAL TAXPAYER’S REGISTER) 142.773.658-84

Number of Shares (in thousands)	1 - CURRENT QUARTER 6/30/2007	2 - PREVIOUS QUARTER 3/31/2007	3 - SAME QUARTER, PREVIOUS YEAR 6/30/2006
Paid-in Capital
1 - Common	132,382	131,769	110,573
2 - Preferred	0	0	0
3 - Total	132,382	131,769	110,573
Treasury share
4 - Common	3,125	3,125	0
5 - Preferred	0	0	8,142
6 - Total	3,125	3,125	8,142

1 - CODE	2 - DESCRIPTION	3 - 6/30/2007	4 - 3/31/2007
1	Total Assets	2,151,621	2,104,411
1.01	Current Assets	1,545,236	1,573,919
1.01.01	Available funds	464,652	601,809
1.01.01.01	Cash and banks	3,024	24,797
1.01.01.02	Financial Investments	461,628	577,012
1.01.02	Credits	318,589	292,662
1.01.02.01	Trade accounts receivable	318,589	292,662
1.01.02.01.01	Receivables from clients of developments	294,491	266,399
1.01.02.01.02	Receivables from clients of construction and services rendered	23,956	26,016
1.01.02.01.03	Other Receivables	142	247
1.01.02.02	Sundry Credits	0	-
1.01.03	Inventory	385,435	376,674
1.01.03.01	Real estate to commercialize	385,435	376,674
1.01.04	Other	376,560	302,774
1.01.04.01	Expenses with sales to incorporate	19,240	15,056
1.01.04.02	Prepaid expenses	12,095	6,559
1.01.04.03	Court deposits	-	-
1.01.04.04	Dividends receivable	-	-
1.01.04.05	Other receivables	345,225	281,159
1.02	Non Current Assets	606,385	530,492
1.02.01	Long Term Assets	270,136	215,561
1.02.01.01	Sundry Credits	166,268	127,404
1.02.01.01.01	Receivables from clients of developments	166,268	127,404
1.02.01.02	Credits with Related Parties	0	0
1.02.01.02.01	Associated companies	0	0
1.02.01.02.02	Subsidiaries	0	0
1.02.01.02.03	Other Related Parties	0	0
1.02.01.03	Other	103,868	88,157
1.02.01.03.01	Deferred income and social contribution taxes	69,032	53,689
1.02.01.03.02	Other receivables	1,857	1,489
1.02.01.03.03	Court deposits	27,979	27,979
1.02.01.03.04	Dividends Receivable	5,000	5,000
1.02.02	Permanent Assets	336,249	314,931
1.02.02.01	Investments	327,693	308,179
1.02.02.01.01	Interest in direct and indirect associated companies	0	0
1.02.02.01.02	Interest in associated companies - Goodwill	0	0
1.02.02.01.03	Interest in Subsidiaries	161,336	137,922
1.02.02.01.04	Interest in Subsidiaries - goodwill	166,357	170,257
1.02.02.01.05	Other Investments	0	0
1.02.02.02	Property, plant and equipment	8,556	6,752
1.02.02.03	Intangible assets	0	0
1.02.02.04	Deferred charges	0	0

1 - CVM CODE 01610-1	2 - COMPANY NAME GAFISA S/A	3 - CNPJ (Federal Tax ID) 01.545.826/0001-07
4 - NIRE (State Registration Number)

1 - CODE	2 - DESCRIPTION	3 - 4/1/2007 to 6/30/2007			4 - 1/1/2007 to 6/30/2007			5 - 4/1/2006 to 6/30/2006			6 - 1/1/2006 to 6/30/2006
3.01	Gross Sales and/or Services		145,138			284,725			98,992			185,095
3.01.01	Real estate development and sales		136,221			273,541			80,022			152,030
3.01.02	Construction services rendered		8,917			11,184			18,970			33,065
3.02	Gross Sales Deductions		(7,990	)		(15,248	)		(4,513	)		(8,241	)
3.02.01	Taxes on services and revenues		(6,341	)		(11,733	)		(4,236	)		(7,729	)
3.02.02	Brokerage fee on sales		(1,649	)		(3,315	)		(277	)		(512	)
3.03	Net Sales and/or Services		137,148			269,477			94,479			176,854
3.04	Cost of Sales and/or Services		(98,588	)		(191,678	)		(71,399	)		(131,302	)
3.04.01	Cost of Real estate development		(98,588	)		(191,678	)		(71,399	)		(131,302	)
3.05	Gross Profit		38,560			77,799			23,080			45,552
3.06	Operating Expenses/Income		(13,410	)		(63,865	)		(4,211	)		(41,651	)
3.06.01	Selling Expenses		(13,158	)		(22,688	)		(5,727	)		(11,710	)
3.06.02	General and Administrative		(14,832	)		(27,991	)		(6,434	)		(14,901	)
3.06.02.01	Profit sharing		(2,158	)		(4,132	)		0			0
3.06.02.02	Other Administrative Expenses		(12,674	)		(23,859	)		(6,434	)		(14,901	)
3.06.03	Financial		4,375			(1,900	)		636			(2,315	)
3.06.03.01	Financial income		15,360			22,813			15,934			26,027
3.06.03.02	Financial Expenses		(10,985	)		(24,713	)		(15,298	)		(28,342	)
3.06.04	Other operating income		2,482			2,044			(691	)		(639	)
3.06.05	Other operating expenses		(5,196	)		(40,245	)		(2,861	)		(30,910	)
3.06.05.01	Depreciation and Amortization		(5,196	)		(10,071	)		(1,022	)		(1,734	)
3.06.05.02	Extraordinary Expenses		0			(30,174	)		(1,839	)		(29,176	)

1 0 CODE	2 0 DESCRIPTION	3 0 4/1/2007 to 6/30/2007			4 0 1/1/2007 to 6/30/2007			5 0 4/1/2006 to 6/30/2006		6 0 1/1/2006 to 6/30/2006
3.06.06	Earnings (losses) on equity of affiliates		12,919			26,915			10,866		18,824
3.07	Total operating income		25,150			13,934			18,869		3,901
3.08	Total non0operating (income) expenses, net		0			0			0		0
3.08.01	Income		0			0			0		0
3.08.02	Expenses		0			0			0		0
3.09	Income before taxes/profit sharing		25,150			13,934			18,869		3,901
3.10	Provision for income and social contribution taxes		0			0			0		0
3.11	Deferred Income Tax		7,552			6,774			413		604
3.12	Statutory Profit Sharing/Contributions		(560	)		(1,120	)		0		0
3.12.01	Proft Sharing		(560	)		(1,120	)		0		0
3.12.02	Contributions		0			0			0		0
3.13	Reversal of interest attributed to shareholders’ Equity		0			0			0		0
3.15	Income/Loss for the Period		32,142			19,588			19,282		4,505
	NUMBER OF SHARES OUTSTANDING EXCLUDING TREASURY SHARES (in thousands)		129,257			129,257			102,431		102,431
	EARNINGS PER SHARE (Reais)		0.24867			0.15154			0.18824		0.04398
	LOSS PER SHARE (Reais)

									Information of the subsidiaries
			Participation						Net Equity						Net profit (loss) in the period
	Investees		Jun/07			Mar/07			Jun/07			Mar/07			Jun/07			Mar/07

00008		PENÍNSULA SPE1 SA		50.00	%		50.00	%		(541	)		(703	)		422			260
00010		PENÍNSULA SPE2 SA		50.00	%		50.00	%		(3,256	)		(3,288	)		(34	)		(66	)
00018		RES.DAS PALMEIRAS SPE Ltda - 18		90.00	%		90.00	%		1,546			1,556			102			113
00036		GAFISA SPE 36 LTDA.		99.80	%		99.80	%		2,053			738			2,107			792
00038		GAFISA SPE 38 LTDA.		99.80	%		99.80	%		3,584			1,877			3,145			1,438
00040		GAFISA SPE 40 LTDA.		50.00	%		50.00	%		348			(236	)		861			276
00041		GAFISA SPE 41 LTDA.		99.80	%		99.80	%		14,093			9,790			7,238			2,935
00042		GAFISA SPE 42 LTDA.		50.00	%		50.00	%		(632	)		(560	)		(339	)		(267	)
00043		GAFISA SPE 43 LTDA.		99.80	%		99.80	%		(2	)		(2	)		(1	)		(0	)
00044		GAFISA SPE 44 LTDA.		99.80	%		99.80	%		(1	)		(1	)		(0	)		(0	)
00045		GAFISA SPE 45 LTDA		99.80	%		99.98	%		(164	)		280			(571	)		(126	)
00046		GAFISA SPE 46 LTDA		60.00	%		60.00	%		(1,056	)		(1,238	)		(91	)		(271	)
00047		GAFISA SPE 47 LTDA		99.80	%		99.80	%		(5	)		(6	)		(5	)		(4	)
00048		GAFISA SPE 48 LTDA		99.80	%		99.80	%		(181	)		(2	)		(181	)		(1	)
00049		GAFISA SPE 49 LTDA.		100.00	%					(1	)					(2	)
00052		GAFISA SPE 52 LTDA.		99.80	%					(0	)					(1	)
00053		GAFISA SPE 53 LTDA.		60.00	%					(251	)					(251	)
00055		GAFISA SPE 55 LTDA.		99.80	%		99.80	%		0			1			(0	)		(0	)
00070		GAFISA SPE 70 LTDA.		50.00	%					1,009						(791	)
00087		DV SPE S/A - 87		50.00	%		50.00	%		(69	)		(223	)		165			11
00089		DV SPE S/A - 89		50.00	%		50.00	%		967			952			3			(12	)
00091		VILLAGIO PANAMBY TRUST – 91		50.00	%		50.00	%		3,781			3,893			(142	)		(30	)
00122		GAFISA SPE 22 LTDA.		49.00	%		49.00	%		(1,292	)		(1,277	)		(212	)		(197	)
00125		GAFISA SPE 25 LTDA.		66.67	%		66.67	%		14,023			13,702			471			151
00126		GAFISA SPE 26 LTDA.		50.00	%		50.00	%		28,639			29,306			4			671
00127		GAFISA SPE 27 LTDA.		50.00	%		50.00	%		12,792			12,416			(1,215	)		(1,591	)
00128		GAFISA SPE 28 LTDA.		99.80	%		99.80	%		(927	)		(867	)		(127	)		(67	)
00129		GAFISA SPE 29 LTDA.		70.00	%		70.00	%		4,178			4,820			(1,265	)		(623	)
00130		GAFISA SPE 30 .LTDA.		99.80	%		99.80	%		14,487			11,086			6,590			3,190
00131		GAFISA SPE 31 LTDA.		99.80	%		99.80	%		22,614			21,926			869			180
00132		GAFISA SPE 32 LTDA.		99.80	%		99.80	%		1			1			(0	)		(0	)
00133		GAFISA SPE 33 LTDA.		100.00	%		100.00	%		10,373			10,823			814			1,263
00134		GAFISA SPE 34 LTDA.		99.80	%		99.80	%		(3,469	)		(3	)		(3,467	)		(1	)
00135		GAFISA SPE 35 LTDA.		99.80	%		99.80	%		1,799			822			1,846			870
00137		GAFISA SPE 37 LTDA		99.80	%		99.80	%		8,047			6,903			2,179			1,035
00139		GAFISA SPE 39 LTDA.		99.80	%		99.80	%		4,048			2,326			2,787			1,065
00250		GAFISA SPE 50 LTDA.		99.80	%					(1	)					(1	)
00251		GAFISA SPE 251LTDA.		80.00	%		99.80	%		(389	)		(20	)		(389	)		(20	)
00760		GAFISA SPE 760		45.00	%		45.00	%		8,333			6,361			2,684			712
00763		GAFISA SPE 763		30.00	%		30.00	%		4,973			3,435			(44	)		(81	)
177700		ALTA VISTTA		50.00	%		50.00	%		(527	)		(854	)		(445	)		(355	)
177800		DEP.JOSÉ LAJES		50.00	%		50.00	%		(279	)		(14	)		(288	)		(26	)
177900		SÍTIO JATIÚCA		50.00	%		50.00	%		(546	)		(331	)		(1,078	)		(168	)
178000		SPAZIO NATURA		50.00	%		50.00	%		1,439			(126	)		(17	)		(9	)
		AUSA		60.00	%		60.00	%		8,711			(23,996	)		8,498			4,197
77996		DIODON PARTICIPAÇÕES		100.00	%		100.00	%		32,171			31,982			291			62

			Participation						Investments in subsidiaries						Equity in results
	Investees		Jun/07			Mar/07			Jun/07			Mar/07			Jun/07			Mar/07

00008		PENÍNSULA SPE1 S/A		50.00	%		50.00	%		(270	)		(351	)		211			130
00010		PENÍNSULA SPE2 S/A		50.00	%		50.00	%		(1,628	)		(1,644	)		(17	)		(33	)
00018		Res..Das Palmeiras SPE Ltda-18		90.00	%		90.00	%		1,391			1,401			92			102
00036		Gafisa SPE 36 Ltda.		99.80	%		99.80	%		2,049			736			2,103			790
00038		Gafisa SPE 38 Ltda.		99.80	%		99.80	%		3,577			1,873			3,139			1,435
00040		Gafisa SPE 40 Ltda.		50.00	%		50.00	%		174			(118	)		430			138
00041		Gafisa SPE 41 Ltda.		99.80	%		99.80	%		14,064			9,770			7,223			2,929
00042		Gafisa SPE 42 Ltda.		50.00	%		50.00	%		(316	)		(280	)		(169	)		(133	)
00043		Gafisa SPE 43 Ltda.		99.80	%		99.80	%		(2	)		(2	)		(1	)		(0	)
00044		Gafisa SPE 44 Ltda.		99.80	%		99.80	%		(1	)		(1	)		(0	)		(0	)
00045		Gafisa SPE 45 Ltda.		99.80	%		99.80	%		(164	)		280			(570	)		(125	)
00046		Gafisa SPE 46 Ltda.		60.00	%		60.00	%		(634	)		(743	)		(55	)		(163	)
00047		Gafisa SPE 47 Ltda.		99.80	%		99.80	%		(5	)		(6	)		(5	)		(4	)
00048		Gafisa SPE 48 Ltda.		99.80	%		99.80	%		(181	)		(2	)		(180	)		(1	)
00049		Gafisa SPE 49 Ltda.		100.00	%					(1	)		-			(2	)
00052		Gafisa SPE 52 Ltda		99.80	%					(0	)		-			(1	)
00053		Gafisa SPE 53 Ltda		60.00	%					(150	)		-			(151	)
00055		Gafisa SPE 55 Ltda		99.80	%		99.80	%		0			1			(0	)		(0	)
00070		Gafisa SPE 70 Ltda		50.00	%					505						(395	)
00087		Dv Bv SPE S/A – 87		50.00	%		50.00	%		(34	)		(111	)		82			5
00089		DV SPE S/A – 89		50.00	%		50.00	%		483			476			1			(6	)
00091		Vilagio de Panamby Trust – 91		50.00	%		50.00	%		1,891			1,946			(71	)		(15	)
00122		Gafisa SPE 22 Ltda		49.00	%		49.00	%		(633	)		(626	)		(104	)		(97	)
00125		Gafisa SPE 25 Ltda		66.67	%		66.67	%		9,349			9,135			314			100
00126		Gafisa SPE 26 Ltda		50.00	%		50.00	%		14,320			14,653			2			336
00127		Gafisa SPE 27 Ltda		50.00	%		50.00	%		6,396			6,208			(608	)		(796	)
00128		Gafisa SPE 28 Ltda		99.80	%		99.80	%		(926	)		(866	)		(127	)		(67	)
00129		Gafisa SPE 29 Ltda		70.00	%		70.00	%		2,925			3,374			(886	)		(436	)
00130		Gafisa SPE 30 Ltda		99.80	%		99.80	%		14,458			11,064			6,577			3,183
00131		Gafisa SPE 31 Ltda		99.80	%		99.80	%		22,569			21,882			867			180
00132		Gafisa SPE 32 Ltda		99.80	%		99.80	%		1			1			(0	)		(0	)
00133		Gafisa SPE 33 Ltda		100.00	%		100.00	%		10,373			10,823			814			1,263
00134		Gafisa SPE 34 Ltda		99.80	%		99.80	%		(3,462	)		(3	)		(3,460	)		(1	)
00135		Gafisa SPE 35 Ltda		99.80	%		99.80	%		1,795			821			1,843			868
00137		Gafisa SPE 37 Ltda		99.80	%		99.80	%		8,031			6,889			2,175			1,033
00139		Gafisa SPE 39 Ltda		99.80	%		99.80	%		4,040			2,322			2,782			1,063
00250		Gafisa SPE 50 Ltda		99.80	%					(1	)					(1	)
00251		Gafisa SPE 251 Ltda		80.00	%		99.80	%		(311	)		(20	)		(311	)		(20	)
00760		Gafisa SPE 760		45.00	%		45.00	%		3,750			2,862			1,208			321
00763		Gafisa SPE 763		30.00	%		30.00	%		1,492			1,031			(13	)		(24	)
177700		Alta Vistta		50.00	%		50.00	%		(263	)		(427	)		(222	)		(177	)
177800		Dep.José Lages		50.00	%		50.00	%		(139	)		(7	)		(144	)		(13	)
177900		Sítio Jatiúca		50.00	%		50.00	%		(273	)		(165	)		(539	)		(84	)
178000		Spazio Natura		50.00	%		50.00	%		720			(63	)		(8	)		(4	)
		Ausa		60.00	%		60.00	%		5,227			(14,398	)		5,099			2,518
77998		Diodon Participações		100.00	%		100.00	%		32,171			31,982			291			62

										152,355			119,697			27,212			14,257

Provision for loss on Investments (228140)	9,651		19,829
Amortization of discount – Diodon	(335	)					-
Catalufa	170,941		170,941
Amortization of goodwill AUSA	(7,500	)	(3,750	)
Other Investments goodwill – Subsidiaries	2,581		2,734		(297	)	(259	)
AUSA (Capital increase – June)	-		(1,272	)

	327,693		308,179		26,915		13,998

Program/ Issuances	Amount		Annual Remuneration		Maturity		06/30/2007			03/31/2007

Second/ 1^st issuance		240,000		CDI + 1.30%		September 2011		250,481			242,663

Total								250,481			242,663
(-) Current portion								(10,481	)		(2,663	)

Non-current portion								240,000			240,000

	Parent Company			Consolidated
	2007			2007

Balance at March 31, 2007		4,183			20,878
Additions		1			406
Reductions		(513	)		(513	)

Balance at June 30, 2007		3,671			20,771

Non-current portion		-			(17,100	)

Current portion		3,671			3,671

	Parent Company						Consolidated
	2^nd quarter			1^st Quarter			2^nd Quarter			1^stquarter
	06/30/2007			03/31/07			06/30/2007			03/31/2007
OPERATING ACTIVITIES

Net profit (loss)		32,142			(12,552	)		32,142			(12,552	)
Expenses (income) not affecting cash and banks and financial investments
Depreciation and amortization		5,196			4,875			5,515			5,061
Participation in subsidiaries		(12,919	)		(13,998	)		-			-
Tax, labor and other contingencies		(512	)		78			107			78
Discount over investments		(936	)		(1,016	)		(936	)		(1,016	)
Non-realized interest and financial charges, net		8,478			9,029			1,158			10,449
Deferred taxes and contributions		(7,552	)		-			(5,580	)		(7,652	)
Minority interest		-			-			13,105			(9,489	)

Decrease (increase) in asset accounts
Clients		(64,791	)		(55,456	)		(122,734	)		(69,371	)
Real estate to commercialize		(8,761	)		(37,212	)		(34,554	)		(118,469	)
Other receivables		(64,066	)		21,009			4,022			(10,464	)
Expenses with sales to appropriate		(4,184	)		(1,982	)		(6,287	)		(1,940	)
Prepaid expenses		(5,536	)		(1,114	)		(5,547	)		(2,246	)

Increase (decrease) in liability accounts
Real estate development obligations		520			(1,687	)		622			(1,645	)
Obligations for purchase of real estate		(19,033	)		9,550			(19,487	)		15,477
Taxes and contributions		3,397			3,291			11,304			7,470
Suppliers		9,401			16,447			13,494			35,461
Client advances		(3,945	)		(21,447	)		(12,652	)		(13,313	)
Salaries, charges and profit sharing payable		(1,330	)		(180	)		1,554			1,497
Other payables		2,830			(5,665	)		(15,600	)		33,326
Assignment of credits payable		(232	)		(186	)		(232	)		(186	)
Result of sale of real estate to appropriate		(103	)		(1,228	)		958			(2,345	)

Net cash used in operating activities		(131,936	)		(89,446	)		(139,628	)		(141,868	)

INVESTING ACTIVITIES

Acquisition of fixed assets		(7,001	)		(4,076	)		(9,179	)		(8,423	)
Acquisition of investments		(5,658	)		(165,805	)		3,893			(169,058	)

Use of cash in investing activities		(12,660	)		(169,880	)		(5,286	)		(177,481	)

FINANCING ACTIVITIES

Addition of loans and financings		3,426			3,726			25,055			71,232
Payments of loans and financings		(1,893	)		(18,395	)		(11,282	)		(21,282	)
Assignment of receivable credit		(3	)		1,704			(3	)		1,704
Subscription of common shares		5,909			622,787			5,909			622,787

Cash provided by financing activities		7,439			609,822			19,679			674,441

Net increase (decrease) in cash and banks and financial investments		(137,157	)		350,496			(125,325	)		355,092

At start of period		601,809			251,313			621,251			266,159
At end of period		464,652			601,809			496,016			621,251

Net increase (decrease) in cash and banks and financial investments		(137,157	)		350,496			(125,235	)		355,092

	Potential Units														% acquired through
	HIGH			MID & MHI			AEL			COM&LOTS			Future Sales (R$000)		Swap
São Paulo		636			2,074			-			102			1,192		39.4	%
Rio de Janeiro		776			750			-			418			500		88.6	%
New Markets		764			6,717			-			1,188			1,629		72.4	%
Total		2,176			9,541			-			1,708			3,321		70.3	%
% of Total		16	%		71	%		0	%		13	%

1 - CODE	2 - DESCRIPTION	3 - 6/30/2007			4 - 3/31/2007
2	Total Liabilities		2,151,621			2,104,411
2.01	Current Liabilities		377,184			379,160
2.01.01	Loans and Financing		14,538			11,876
2.01.02	Debentures		10,481			2,663
2.01.03	Suppliers		44,398			34,997
2.01.04	Taxes, charges and contributions		39,034			35,637
2.01.04.01	PIS Contribution		12,512			11,742
2.01.04.02	COFINS Contribution		23,060			20,039
2.01.04.03	Installed payment of PIS and COFINS		2,142			2,517
2.01.04.04	Other taxes and contributions payable		1,320			1,339
2.01.05	Dividends Payable		2,823			10,988
2.01.06	Provisions		3,671			4,183
2.01.06.01	Provision for Contigencies		3,671			4,183
2.01.07	Accounts payable to related parties		0			0
2.01.08	Other		262,239			278,816
2.01.08.01	Real estate development obligations		4,260			3,740
2.01.08.02	Obligations for purchase of land		82,113			105,127
2.01.08.03	Payroll, profit sharing and related charges		16,506			17,836
2.01.08.04	Advances from clients - real state and services		24,563			28,508
2.01.08.05	Other liabilities		134,797			123,605
2.02	Non Current Liabilities		312,066			300,929
2.02.01	Long Term Liabilities		312,066			300,929
2.02.01.01	Loans and Financing		14,625			14,960
2.02.01.02	Debentures		240,000			240,000
2.02.01.03	Provisions		0			0
2.02.01.04	Accounts payable to related parties		0			0
2.02.01.05	Advance for future capital increase		39			0
2.02.01.06	Other		57,402			45,969
2.02.01.06.01	Real estate development obligations		0			0
2.02.01.06.02	Obligations for purchase of land		4,966			985
2.02.01.06.03	Result of sales of real estate to appropriate		33			136
2.02.01.06.04	Deferred income and social contribution taxes		38,836			31,045
2.02.01.06.05	Other liabilities		13,567			13,803
2.02.02	Future taxable income		0			0
2.04	Shareholders' equity		1,462,371			1,424,322
2.04.01	Paid-in capital stock		1,202,440			1,196,530
2.04.01.01	Capital Stock		1,220,490			1,214,580
2.04.01.02	Treasury shares		(18,050	)		(18,050	)
2.04.02	Capital Reserves		167,276			167,276

1 - CODE	2 - DESCRIPTION	3 - 6/30/2007		4 - 3/31/2007
2.04.03.02	Subsidiaries/Direct and Indirect Associated Companies		0		0
2.04.04	Revenue reserves		92,655		60,516
2.04.04.01	Legal		9,905		9,905
2.04.04.02	Statutory		0		0
2.04.04.03	For Contingencies		0		0
2.04.04.04	Unrealized profits		0		0
2.04.04.05	Retained earnings		82,750		50,611
2.04.04.06	Special reserve for undistributed dividends		0		0
2.04.04.07	Other revenue reserves		0		0
2.04.05	Retained earnings/accumulated losses		0		0
2.04.06	Advances for future capital increase		0		0

Table 11b – Land Bank AlphaVille
	Potential Units			Future Sales		% acquired through
	LOTS			(R$000)		Swap
São Paulo		15,739			1,033		85.1	%
Rio de Janeiro		1,736			178		100.0	%
New markets		15,913			1,396		82.3	%
Total		33,388			2,607		84.6	%
% of Total		100	%

Table 11c – Land Bank Fit Residencial
	Potential Units			Future Sales		% acquired through
	AEL			(R$000)		Swap
São Paulo		1,199			87		0.0	%
Rio de Janeiro		-			-		0.0	%
New markets		1,766			146		16.0	%
Total		2,965			233		10.6	%
% of Total		100	%

Table 12 – Pre-sales x Recognized revenues – 2Q07
	2Q07										2Q06
Launching year	Pre-Sales		% of Total			Revenues		% of Revenues			Pre-Sales		% of Total			Revenues		% of Revenues
Developments
Launched in 2007		224,361		65.5	%		16,038		6.0	%
Launched in 2006		69,984		20.4	%		73,398		27.5	%		143,699		62.8	%		16,042		10.5	%
Launched in 2005		40,665		11.9	%		128,083		48.1	%		48,347		21.1	%		43,144		28.4	%
Launched up to 2004		7,768		2.3	%		49,029		18.4	%		36,824		16.1	%		92,965		61.1	%
TOTAL		342,778		100.0	%		266,548		100.0	%		228,870		100.0	%		152,151		100.0	%

Table 13 – SG&A expenses	2Q07			2Q06				1H07			1H06
Selling Expenses		17,330			9,422		Selling Expenses		29,336			18,551
G&A Expenses		27,146			10,021		G&A Expenses		46,280			16,622
SG&A		44,476			19,443		SG&A		75,616			35,173

		2Q07			2Q06				1H07			1H06
Selling Expenses / Launches		3.7	%		3.4	%	Selling Expenses / Launches		3.8	%		4.3	%
G&A Expenses / Launches		5.8	%		3.7	%	G&A Expenses / Launches		6.0	%		3.8	%
SG&A / Launches		9.4	%		7.1	%	SG&A / Launches		9.8	%		8.1	%

Table 14 - Revenues and results to be recognized (R$000)
(eop)	2Q07			1Q07			2Q06			2Q07 x 1Q07			2Q07 x 2Q06
Sales to be recognized—end of period		1,100.2			985.7			540.1			11.62	%		103.69	%
Cost of units sold to be recognized - end of period		-681.4			-613.8			-301.3			11.01	%		126.14	%
Backlog of Results to be recognized		418.8			371.9			238.8			12.6	%		75.4	%
Backlog Margin - yet to be recognized		38.1	%		37.7	%		44.2	%		0.3	%		-6.1	%

Table 15 – Accounts Receivables from Clients
Real estate development receivables:	2Q07		2Q06		1Q07		2Q07 x 2Q06			2Q07 x 1Q07
Current		411,256		311,648		365,848		32.0	%		12.4	%
Long-term		316,057		72,763		236,576		334.4	%		33.6	%
Total		727,313		384,411		602,424		89.2	%		20.7	%
Receivables to be recognized on our balance sheet according to PoC method and BRGAAP(for more details, see note 5 on our Financial Statements:
		2Q07		2Q06		1Q07		2Q07 x 2Q06			2Q07 x 1Q07
Current		270.288		116.048		220.894		132,9	%		22,4	%
Long-term		793.470		411.171		720.555		93,0	%		10,1	%
Total		1.063.758		527.219		941.449		101,8	%		13,0	%

Total Accounts Receivables		1.791.071		911.630		1.543.873		96,5	%		16,0	%

Table 16 – Inventory
	2Q07		1Q07		2Q06		2Q07 x 1Q07			2Q07 x 2Q06
Land		187,257		214,235		84,899		-12.6	%		120.6	%
Properties under construction		351,753		295,704		204,394		19.0	%		72.1	%
Units completed		55,003		49,520		36,881		11.1	%		49.1	%
Total		594,013		559,459		326,174		6.2	%		82.1	%

Table 17 - Inventory at Market Value
Segments	2Q07		1Q07		2Q06		2Q07 x 1Q07			2Q07 x 2Q06
HIG		69,856		91,930		106,389		-24	%		-34	%
MHI		375,429		242,285		297,609		55	%		26	%
MID		385,465		312,472		123,059		23	%		213	%
AEL		10,549		20,253		13,685		-48	%		-23	%
LOT		157,182		195,903		69,630		-20	%		126	%
COM		15,760		22,346		130,755		-29	%		-88	%
TOTAL		1,014,242		885,189		741,127		15	%		37	%

Table 18 – Debt Breakdown
Type of transaction	Rates		2Q07		1Q07		2Q07 x 1Q07
Debentures		1.3%p.a. + CDI		250,481		242,663		3.2	%
Construction Financing (SFH)		6.2-11%p.a. + TR		38,295		34,248		11.8	%
Downstream Merger obligation		10-12%p.a. + TR		16,237		16,925		-4.1	%
Funding for developments		3-6.3%p.a. + CDI		22,359		23,147		-3.4	%
Working Capital		3.5-6.2%p.a. + CDI		41,387		34,952		18.4	%
Others (Alphaville)		19.6-25.7%p.a		1,998		3,912		-48.9	%
Total				370,757		355,847		4.2	%

Total Cash				496.016		621.252		-20,2	%

Net Debt (Cash)				-125.259		-265.405		24,3	%

Table 19 – Debt Maturity
Type	Total		2007		2008		2009		2010		2011 and later
Debentures		250,481		10,481		-		48,000		96,000		96,000
Construction Financing (SFH)		38,295		22,588		7,494		6,451		1,762		-
Downstream Merger obligation		16,237		4,894		3,865		5,257		2,221		-
Funding for developments		22,359		13,204		4,367		2,957		1,831		-
Working Capital		41,387		19,467		6,850		7,759		4,987		2,324
Others		1,998		654		741		603		-		-
Total		370,757		71,288		23,317		71,027		106,801		98,324

Projects launched in 1Q07	Month of Launch		Segment		Location		Usable Area (s.q.m) (100%)		# of Units (100%)		Gafisa's Stake			Sales Value at Gafisa's Stake (R$000)		% Sold up to 06/30/07
Fit Jaçana₁		March		AEL		São Paulo - SP		9,181		184		100	%		16,974		64	%
Isla		March		Mid		São Caetano - SP		31,423		240		100	%		75,683		60	%
Grand Valley		March		Mid		Rio de Janeiro - RJ		16,908		240		100	%		44,014		51	%
Acqua Residence (Fase 1)		March		Mid		Nova Iguaçu - RJ		28,400		380		100	%		71,701		43	%
Celebrare		March		Mid		Caxias - RJ		14,679		188		100	%		35,189		65	%
Reserva do Lago		March		Mid		Goiania - GO		16,800		96		50	%		24,567		52	%
Campo Grande I		March		Lot		Campo Grande - MS		225,269		489		67	%		35,018		48	%
Total								342,660		1,817					303,147		54	%

Projects launched in 2Q07	Month of Launch		Segment		Location		Usable Area (s.q.m) (100%)		# of Units (100%)		Gafisa's Stake			Sales Value at Gafisa's Stake (R$000)		% Sold up to 06/30/07
CSF - Prímula		June		Mid		São Paulo - SP		13,897		96		100	%		29,906		41	%
CSF - Dália		June		Mid		São Paulo - SP		9,000		68		100	%		18,430		33	%
CSF - Acácia		June		Mid		São Paulo - SP		23,461		192		100	%		47,784		36	%
Jatiuca Trade Residence		June		Mid		Maceió - AL		32,651		500		50	%		39,546		23	%
Enseada das Orquídeas		June		Mid-High		Santos - SP		52,589		475		80	%		125,721		3	%
London Green		June		Mid-High		Rio de Janeiro - RJ		28,998		300		50	%		51,069		15	%
Horizonte		May		Mid		Belém -PA		7,505		29		60	%		12,704		97	%
Secret Garden		May		Mid		Rio de Janeiro - RJ		15,344		252		100	%		38,699		48	%
Evidence		April		Mid		São Paulo - SP		23,487		144		50	%		32,425		27	%
Fit Maceió		April		AEL		Maceió - AL		4,207		54		50	%		3,087		29	%
Acquarelle		April		Mid		Manaus - AM		17,742		259		85	%		35,420		32	%
Palm Ville		April		Mid		Salvador - BA		13,582		112		50	%		15,106		74	%
Art Ville		April		Mid		Salvador - BA		16,157		263		50	%		20,777		84	%
Total								258,621		2,744					470,673		29	%
Total YTD 2007								601,280		4,561					773,819		39	%

					Final												Revenue
					Completion						Percentage sold-						Recognized				Gafisa
	Month/Year		Total area		(%)						accumulated						(BRL000)				Stake
Development	launched		(m²)		2Q07			2Q06			2Q07			2Q06			2Q07		2Q06		(%)
Empresarial Pinheiros		nov-04		17,149		99.5	%		49.4	%		100.0	%		11.0	%		13,289		1,342		39.1	%
Arena		dez-05		29,256		59.7	%		16.1	%		100.0	%		98.1	%		11,710		4,971		100.0	%
Villagio Panamby - Jazz Duet		set-05		13,400		78.1	%		22.2	%		80.2	%		38.1	%		11,460		2,075		100.0	%
Sunspecial Resid. Service		mar-05		21,189		75.7	%		21.2	%		86.2	%		73.3	%		9,363		6,471		100.0	%
Sunplaza Personal Office		mar-06		6,328		60.6	%		8.9	%		87.4	%		69.2	%		7,568		1,182		100.0	%
Península Fit		mar-06		24,080		34.5	%		2.3	%		55.5	%		49.8	%		6,948		666		100.0	%
Bem Querer		nov-05		11,136		70.0	%		2.0	%		100.0	%		95.3	%		6,909		377		100.0	%
Olimpic Resort		out-05		21,851		65.2	%		12.7	%		100.0	%		99.2	%		6,824		5,265		100.0	%
CSF - Saint Etienne		mai-05		11,261		66.0	%		12.1	%		96.3	%		89.4	%		6,652		849		100.0	%
Villagio Panamby - Agrias		nov-06		21,390		32.0	%		0.0	%		60.0	%		0.0	%		6,189		-		100.0	%
Palm D'Or		set-05		8,493		63.0	%		25.5	%		96.1	%		36.4	%		5,833		2,487		100.0	%
Beach Park Acqua		nov-05		9,770		55.7	%		11.3	%		86.2	%		80.6	%		5,766		1,168		90.0	%
Blue Land		ago-03		18,252		56.3	%		36.4	%		67.2	%		22.4	%		5,255		3,188		100.0	%
Lumiar		fev-05		7,193		89.6	%		18.8	%		96.8	%		57.4	%		5,181		942		100.0	%
Del Lago		mai-05		62,022		57.4	%		19.2	%		90.9	%		48.6	%		5,021		2,167		80.0	%
Olimpic - Chácara Sto Antonio		ago-06		24,988		27.1	%		0.0	%		91.9	%		0.0	%		4,392		-		100.0	%
Villagio Panamby - Domaine Du Soleil		set-05		8,225		82.2	%		26.5	%		84.0	%		49.1	%		4,004		3,405		100.0	%
Montenegro Boulevard		jun-05		174,862		92.7	%		65.3	%		100.0	%		99.7	%		3,824		2,220		100.0	%
Villagio Panamby- Mirabilis		mar-06		23,355		48.4	%		0.0	%		80.5	%		58.0	%		3,784		-		100.0	%
The Gold		dez-05		10,465		69.3	%		0.0	%		68.3	%		38.7	%		3,653		-		100.0	%
Icaraí Corporate		dez-06		5,683		29.5	%		0.0	%		85.2	%		0.0	%		3,643		-		100.0	%
Celebrare		mar-07		14,679		15.3	%		0.0	%		67.0	%		0.0	%		3,587		-		100.0	%
Blue Vision - Sky e Infinity		jun-06		18,514		58.1	%		37.4	%		84.4	%		42.0	%		3,568		2,848		50.0	%
Grand Valley		mar-07		16,908		15.4	%		0.0	%		47.0	%		0.0	%		3,546		-		100.0	%
Riviera Ponta Negra - Cannes e Marseille		jan-04		22,332		100.0	%		79.9	%		73.3	%		67.9	%		3,455		5,044		100.0	%
Espaço Jardins		mai-06		28,926		22.1	%		0.0	%		95.3	%		30.9	%		3,383		-		100.0	%
Paço das Águas		mai-06		24,080		45.2	%		0.0	%		69.6	%		47.8	%		3,219		-		45.0	%
Sundeck		nov-03		13,043		100.0	%		65.9	%		86.5	%		72.8	%		3,172		7,607		100.0	%
Villagio Panamby - Parides		nov-06		13,093		49.4	%		0.0	%		100.0	%		0.0	%		3,011		-		100.0	%
Weber Art		jun-05		5,812		69.8	%		11.2	%		91.2	%		77.2	%		2,790		702		100.0	%
Vistta Ibirapuera		mai-06		9,963		48.0	%		32.3	%		100.0	%		100.0	%		2,365		11,786		100.0	%
Isla		mar-07		31,423		12.6	%		0.0	%		68.1	%		0.0	%		2,300		-		100.0	%
Felicitá - Evangelina 2		dez-06		11,323		14.5	%		0.0	%		55.1	%		0.0	%		2,232		-		100.0	%
Terras de São Francisco		jul-04		114,160		100.0	%		97.1	%		93.5	%		85.7	%		2,093		2,627		50.0	%
Collori		nov-06		39,462		24.0	%		0.0	%		38.4	%		0.0	%		2,047		-		50.0	%
Espacio Laguna		ago-06		16,364		24.4	%		0.0	%		28.9	%		0.0	%		1,974		-		80.0	%
Town Home		nov-05		8,319		41.9	%		13.2	%		55.0	%		20.0	%		1,614		1,022		100.0	%
Side Park - Ed. Style		jul-04		10,911		90.5	%		37.5	%		100.0	%		96.5	%		1,598		2,418		100.0	%
New Point		abr-03		12,034		100.0	%		59.6	%		98.5	%		97.1	%		1,554		117		90.0	%
CSF - Paradiso		mai-07		16,286		7.4	%		0.0	%		72.1	%		0.0	%		1,435		-		100.0	%
Sunprime		nov-03		11,802		100.0	%		92.2	%		100.0	%		93.4	%		1,423		3,239		100.0	%
La Place		mai-04		8,416		100.0	%		68.0	%		91.2	%		69.0	%		1,412		5,892		100.0	%
CSF - Santtorino		ago-06		14,979		11.9	%		0.0	%		100.0	%		0.0	%		1,279		-		100.0	%
Ville Du Soleil		out-06		8,920		29.4	%		0.0	%		29.4	%		0.0	%		1,071		-		100.0	%
Cuiabá		dez-05		11,775		44.6	%		0.0	%		27.9	%		9.2	%		984		-		50.0	%
Art Ville		abr-07		16,157		5.3	%		0.0	%		68.3	%		0.0	%		938		-		50.0	%
Quinta Imperial		jul-06		8,422		12.3	%		0.0	%		76.5	%		0.0	%		905		-		100.0	%
Reserva das Palmeiras		fev-03		16,912		100.0	%		96.1	%		100.0	%		100.0	%		869		821		90.0	%
Alphaville																		61,409		-
Others																		7,821		56,703
Total																		264,319		139,602

R$ 000	2Q07		2Q06		1Q07		2Q07 x 2Q06			2Q07 x 1Q07
Gross Operating Revenue		280,121		158,701		246,053		77	%		14	%
Real State development and sales		264,319		139,602		242,727		89	%		9	%
Construction and services rendered		15,802		19,099		3,326		-17	%		375	%

Deductions		-13,573		-6,550		-21,737		107	%		-38	%
Net Operating Revenue		266,548		152,151		224,316		75	%		19	%

Operating Costs		-186,467		-113,027		-156,356		65	%		19	%
Gross profit		80,081		39,124		67,960		105	%		18	%

Operating Expenses		-41,665		-18,949		-31,749		120	%		31	%
Selling expenses		-17,330		-9,422		-12,006		84	%		44	%
General and administrative expenses		-27,146		-10,021		-19,134		171	%		42	%
Equity Income		-37		1,185		-259		-103	%		-86	%
Other Operating Revenues		2,848		-691		-350		-512	%		-914	%
EBITDA		38,416		20,175		36,211		90	%		6	%

Depreciation and Amortization		-5,517		-1,022		-5,061		440	%		9	%
Extraordinary expenses		0		-1,840		-30,174		na			na
EBIT		32,899		17,313		976		90	%		3269	%

Financial Income		15,395		16,621		8,080		-7	%		91	%
Financial Expenses		-18,340		-12,631		-16,765		45	%		9	%
Income before taxes on income		29,954		21,303		-7,710		41	%		-489	%

Deffered Taxes		5,703		-881		-1,551		-747	%		-468	%
Income tax and social contribution		-1,774		-1,140		-1,591		56	%		12	%
Income after taxes on income		33,883		19,282		-10,852		76	%		-412	%

Minority Shareholders		-1,743		0		-1,701		na			2	%
Net income		32,140		19,282		-12,553		67	%		-356	%
Adjusted net income per thousand shares outstanding		0.25		0.21		0.18		0.04			0.07

			6/30/2007
			Common Shares					Total Shares
Shareholder	Country		Shares		%			Shares		%

EIP BRAZIL HOLDINGS LLC		EUA		18.229.605		13,77	%		18.229.605		13,77	%


Treasury Shares				3.124.972		2,36	%		3.124.972		2,36	%

Outstanding shares in the market (*)				111.027.821		83,87	%		111.027.821		83,87	%
Total shares				132.382.398		100,00	%		132.382.398		100,00	%

		6/30/2006
		Common Shares				Total Shares
Shareholder	Country		Shares	%			Shares	%

EIP BRAZIL HOLDINGS LLC	EUA		26.999.998	24,42	%		26.999.998	24,42	%
BRAZIL DEVEL EQUITY INV LLC	EUA		16.747.881	15,15	%		16.747.881	15,15	%
EMERGING MARK CAPIT INV LLC	EUA		5.720.846	5,17	%		5.720.846	5,17	%

Treasury Shares			8.141.646	7,36	%		8.141.646	7,36	%

Outstanding shares in the market (*)			52.962.196	47,90	%		52.962.196	47,90	%
Total shares			110.572.567	100,00	%		110.572.567	100,00	%