Even Construtora e Incorporadora S.A. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net operating revenues of BRL 550.80 million compared to net operating revenues of BRL 568.17 million last year. Operating income before minority interest and financial results was BRL 72.05 million compared to BRL 88.77 million last year. Income before income tax and social contribution was BRL 66.71 million compared to BRL 86.66 million last year. Net income was BRL 47.40 million compared to BRL 67.57 million last year. Operating expenses was BRL 69.41 million compared to BRL 64.47 million last year. EBITDA was BRL 97.55 million for the quarter period. For the year, the company reported net operating revenues of BRL 1,908.35 million compared to net operating revenues of BRL 1,955.93 million last year. Operating income before minority interest and financial results was BRL 280.71 million compared to BRL 336.45 million last year. Income before income tax and social contribution was BRL 293.72 million compared to BRL 324.13 million last year. Net income was BRL 226.12 million compared to BRL 252.49 million last year. Operating expenses was BRL 239.83 million compared to BRL 199.36 million last year. EBITDA was BRL 359.03 million compared to BRL 410.00 million last year. Net debt was BRL 975.14 million as on December 31, 2011 compared to BRL 647.62 million last year. Once the last of projects are delivered, the company expects gross margin to pick up in 2012 itself.