Thank you, Renato. Good morning to you all who are here present with us participating. Today will be, as Renato mentioned, the third quarter results, and also share a bit about the nine first months. As my presentation goes, go for the fourth slide. As you mentioned, first highlights. The highlights on the third quarter of the year. in August, we had a very good news. We were found a Great Place to Work 2023, even with all the challenge. Certification, we are very proud of that. GPTW with nine more, the highest points for retention. We had a very good score also in diversity. We are now harvesting of everything that we sowed in the past.
We are still working so that we can achieve and still have this good environment, being improved, generating good experience to our clients, for our team, and also obtain greater results for our shareholders, contributing for a more equal and inclusive society. Third quarter also, our ESG agenda. We had very good advancements. We had the global act from the UN. I will talk more about it later. More highlights coming. Two more important ones. First one, we anticipated the Tatuapé in two months. I will also talk more about it later. Also, about our numbers. We got the profit of BRL 33.4 million in the third quarter, and BRL 64 million in the first months of the year. So we have 68.3% of net margin in the nine months of the year. So in the fifth slide, we will talk about our releases.
As we are aiming to build more experience to our clients, we anticipated the Tatuapé building in two months. So we have started it in August. This decision is to make sure and reaffirm that we are taking all the measures to work better and more solid. We installed the cover and the fencing. We also have now the satisfaction of our neighbors. We have pets space. We also have the garbage bins for separate rubbish. We finished actually the digging, and now we are starting the foundation, the concrete. As I mentioned last calls, we are talking about the medium status for our incoming of all clients. Next slide, we are talking about our new releases. Third quarter, we worked at going after getting loans for our next buildings and documents that allow us to sell it. Our next release is a building localized in Santana neighborhood.
We finished the building stand, and we are proud to say that in a few days we will be releasing and featuring our new art. Very close to the subway, very close to downtown. We have 1,000 sq m of bush in this condominium. We have three rooftops and 18 leisure areas. So this is for medium-income client status. Also talking about our more comings. We have strategic and especially piece of land we have here in the south region of São Paulo. We have VGV of BRL 65 million. I have mentioned that in our last call, as you remember. Our main journey now from this new started in 2022. We created a committee to analyze all our ESG governance, establishing plans to have improvements in all the areas. We start mapping the actions that we had in the past. We had a diagnosis of our necessities.
Through matrix of materiality, we focused this year in building these indicators, these KPIs that would be extremely important to keep monitoring our company. For this ESG governance, we have released the first report for sustainability, and as you have read it's a materialization of our principles, our vision for this area. This report, we built it by the GRI notes, which is one of the most used documents for building the ESG Policy. We also joined the UN Global Compact for Sustainability Building. The idea of this group is to contribute in a collective way, putting everybody in the same page of having the ODS for the sustainable development in the areas that these companies they work. We're still working hardly to support the sustainable growth of the company, generating value to our shareholders, clients, and society. Going through our financial results for this quarter.
I spoke about sales. Third quarter 2023, our gross sales, which is BRL 17 million, about 30% less compared to last year. Accumulated in the year, we have BRL 54.4 million, 33% below the previous nine months, the year ago. Our results, they are in line of what we expected for this year, this plan made by the last year. The results of sales are in line. We registered a VSO of 10.1% in the third quarter. We're very optimistic about it. The beginning of these buildings construction will definitely speed up the sales. As a third semester, we summed more than the quarter of last year. As you can see, we have 3.8 of the distratos, a bit less than compared to the nine months of the previous year.
This distrato is a good leverage for leveraging the number of units available, so that we can sell more as well.
Our sales, they reached BRL 2.1 million in the third quarter, comparing to a negative income for the last year. In the nine first months of this year, we had sales of BRL 9.6 million comparing to this number, as you can see here, for the last year. Our main indicator, main KPI are the gross sales. We are fed by the distratos with sales which don't impact our cash flow. First nine months, we repossessed 156 units, reduced 60% comparing to the nine first months of 2022. We have an impact of the low sales, but we also in line for the period. We're still analyzing through our debts, while also very aligned with our shareholders and our plan. Our main stock was more than 60% different comparing to the previous year. We have five years of reduction comparing quarter-to-quarter. It reflects our sales in general.
The stock is about BRL 285.7 million. It represents 21% of our main stock. For our available stock, 42% is located in São Paulo, which is our main place for selling, and most of it is for residential purposes, residential building. Next slide number 11. We show here the expenses that we had. The administrative increased 13% comparing quarter-to-quarter, and also 14% compared to the year-to-year. It's been incremented because of judicial service that we had and financial services. We have here the comparison year-to-year as we are selling our stocks. Our general expenses summed up and commercial as well increased 6% comparing quarter-to-quarter and got reduced in 1% comparing year-to-year. We are still monitoring our structure and process so that we can have everything aligned to our financial strategy. Next slide number 12. We have here our debt.
We had an increasement of BRL 62 million, means 6% in the third quarter, and BRL 324 million in the accumulated year. This increase is about the tax rates relation in the year. We also have the debt of the ix. Tatuapé, which took place now in this third quarter. Our debts increased in BRL 20 million, and BRL 100 million in the first month of the year due to the accumulation of tax rating of the year. In total, based on everything that we summed up, we have a decade of BRL 1 million in the amortize in the period. We converted BRL 439 million, generating emission of more than 100 actions for emission of 50 per share. We are following the legal procedures from 10 to 10 and nine to 11.
We had the exercise of preference of a subscription for new shares for the holders, which results will be reported very soon. The new actions of the new shares and values of the preference shares for the buyers will represent the debt payment to the loaners, which provided open way for the company to get credit. The conclusion for getting credit to have the act payment in the end of November and the beginning of December is totally in line to our traditional regular recovery, providing leverage for our company, reducing the risks, and increasing our financial KPIs. Slide 13. Here we have the leverage of the company, summing up our debt, our concursal debts, the leverage extended BRL 1.94 million, and also details here of the debt. The remaining net, closing by 2038 through the payment of share to debt and so on.
We are negotiating our debts, and it could also be added to our recovery, which will generate positive results to our results actually. Our debts now are under focus to be repaid, and we are totally focused on reducing our leverage. We still have a lot to do, but we have observed positive results along the last quarters. At slide 14, here is our results demonstration where we have the impact in the period. We had a profit of BRL 33.4 million in the third quarter and this number for the year. The impact is of the reversion of the debt structure. A loss of BRL 204 million in the third quarter was found in more than BRL 500 million in nine months of the year. Basically, this financial loss is about the rates that we have implied in our company.
At the end, we have a loss of BRL 1.1 million, as you can see here, more than BRL 506 million in the year comparing to the previous year, as you can see here, 2022. Just to highlight that in 2022, we had a recurrent event, which was the debt, and which got into our traditional recovery, which influenced our results in 2023. It's clear that our results were under the impact of the financial expenses that we've had, as you can see by these numbers. The ix. Incorporadora is now two years old. Whereas we now can release more, we are making it simple and make the journey for buying our products easier. We are increasing our diversity, sustainability as well.
It's fundamental the learnings that we've had from our previous experiences, and we are becoming day by day more confident in our recovery, and we are certain that we are ready to face the challenge and increase, improve the experience of our clients. This way I end our results presentation, and I'm here open to questions if you have.
Thank you, Augusto. If you have questions, please text us through the chat, send us your questions, and yep, we have a translation. We are starting now. Please, if you have questions, text please, through the chat. First question from Alexandre from SF Roma, congratulating us for our results in this quarter. About the deleveraging of the company, it's supposed to improve the balance, right? Do we have more strategy for deleveraging? That's the first question. If we have strategies for deleveraging the company.
Morning, Alexandre . Thank you for your question. Basically, as I mentioned in the presentation, two main strategies for leverage, obviously, is continuing the negotiation, which are extra. Finding a way to increase capital and issuing more shares. This is the main one. Obviously, we are finding solutions for our buildings, which is still not finished yet. We are adding more solutions. This way, you have the costs coming down and together with the deleverage. In general, these are the two main strategies that we have for reducing the leverage of the company. I'm sure you have one more question.
Beyond this, which was built in [Brooklin], how is the company working to get more pieces of land, and is it only São Paulo? How is it going?
Well, yes and no. We are focusing in São Paulo. We still have this strategy, which is very well defined and restricted to near around our headquarters. We are also looking for more opportunities outside city, but always around São Paulo. We suffered a lot in the past through bad strategies geography wise. Our focus is still to be prospecting in city. We definitely have more difficulty as we will have more competition locally. Big companies, they are here as well competing with us. We are always fighting for pieces of land. But we definitely believe that it's more conservative for us to be here and less risk for the company at this moment. We are focusing now in São Paulo and the greater São Paulo area.
Again, if you have questions, just click the chat icon and send your question. Pablo is questioning also, how is the Tatuapé sales going? Are they according to what we have expected? How is it going? When the Santana building will be released and premiered? When are we premiering this building in 2024? He's congratulating us for our results as well.
Thank you, Pablo. For Tatuapé, it's within our forecast for the project as I mentioned in our calls. We were conservative in the agenda of this building. We thought that we would be able to confront some difficulties and face difficulties, so we decided to be conservative. That's why we are totally in line to what we have projected. First months, they were difficult months commercial wise. Not only for the release, but also for the stocks that we have. This was difficult, not only for us, for all the real estate market. Still under our forecast and very comfortable with the schedule.
For the anticipation of the constructions, yes, we still in line with that, and we want to continue adding to this strategy. In Santana, for those who are interested, you can come in the Rua Doutor Martins. The sales stand is ready, so we are ready to receive and welcome our clients and start selling it. Our commercial strategy is about organizing teams and promoting it in order to be officially selling it. We are definitely ready to introduce you guys this building. For 2024, we are still working in the planning for the next year. Possibly, we will be closing this planning for one or two buildings for the next year. Pieces of land that they are already in our stock. We have worked with this in 2023 and the end of 2022 as well.
Next question is from Alexandre from the Redi Asset. He is congratulating us for our results. He has two questions. Is for the increase of capital, which line will suffer the impact of the capital increase? He is also asking about our debts and obligations. He also has one more question. It is about the effect in the increase of capital in the financial expenses. Should we wait for a great reversion in the line as we had last year? This is his question.
Alexandre, thank you for the question. Definitely the main impact will be in our debt, commercial debt. The increase of capital is within the debt plan, which is forecasted in our judicial recovery plan. The biggest impact will be in the commercial debt. As the second question is related to that, yes, we believe that in future, it is possible to have more events with our non-recurrent that could have impact the result of the company in a positive way.
Because anytime you can have a negotiation with the debts, and these debts are enabled in our recovery plan, then we have an impact in the financial expenses which occurred in the period. It is always relevant to have these renegotiations going, and that is why we work with that and believe that as we have a lot of debts under negotiation, we believe that we have more impact of that. You will see that in the coming years. We believe that.
Thank you, Augusto. Next one is from Bruno from BM Asset. Thank you, and congratulations for the new buildings. He is questioning, how does the company keep aligned with the ESG policy? Will it continue? What is in mind of the C-level of this company, which was to keep this ESG agenda as it was not part of the agenda in the past?
Thank you, Bruno. I like your question and the administration and the council board, we are very well-aligned. The ESG agenda, we believe that the importance of this is not relevant anymore. We have no space for discuss that. Environment is mandatory. Social life, diversity and inclusion and social society is an obligation for all the companies, and we shouldn't even question that. Here in our company, this is our life. It is our daily life here. We can see the reflection of that when we have the Great Place to Work certification, for example. Why? Because our team, they feel a very good environment because we show and we are worried about our ESG agenda. It is extremely possible to change the practices, putting ESG in your agenda, not demanding high investments. That is what we are doing.
Within our limits, within our financial limits, we have struggled to have it as our agenda. I would like to highlight that we have had the award from a Great Place to Work because this is our agenda. We have discussed that, and we talk about it every day. This is one of our high bases to make this company perpetual and profitable in a solid and sustainable way.
Again, if you have questions, you have the chat icon. Just go there and click and send your question. Alvaro from Arbor Asset , he is also congratulating us for the result, and he is asking about our expectation for these last two months of the year and 2024. He is also asking about how the company sees this change of the MCMV program from the government as being noticed in the main media, mass media recently. We always see that.
Alvaro, thank you for the question. Our expectations for 2024. For 2023, actually, for the last two months, we believe that it is in line to what we have forecasted and to what we have noticed in the second and third quarter. Not very high sales, but everything very normal to what we have forecasted. We are optimistic about the new buildings. We have noticed that we have more people coming to our stands. Santana is definitely a sales success. 2024, we have very positive expectation. In a micro way, let us say that in economic terms, we are with very good expectation. We definitely are in a scenario which is a bit complicated, but in our internal market here in Brazil, we will definitely have a better year compared to 2022. That is our expectation.
For the government program for low income building, we are sorry to say we do not have buildings that are in this program. I like this new track that the government is releasing, this new range of income, and it fits to our market. It is definitely of our interest to participate in this program, which brings benefits, which facilitates the purchase from our clients. This will be positive. We still do not work on that, but we see it as a positive way, because the market gets warmed up and it is definitely good for us as well. This new range which the government is about to release, we do not know yet, but we hope it is in a range that we can fit into this program and start participating from this as well.
Last question, Andrea Villela. Andrea is asking how he can follow the share conversion.
Andrea, I am proud to say that we will soon be sending this information.
As we have not received more questions, I will be back to Augusto. But before that, if you have questions and you have not sent us, send it through the email that you have and you know. Augusto, please, now the floor is yours for your last consideration.
Thank you, Renato. Thank you all for participating. Thank you for sending your questions. It is always good for us to have this feeling to how our investors are seeing our company and questioning us. I would like to reinforce that we are very optimistic about the delivery of our products, our new buildings, our new releases. We are very excited to these new buildings. Company is involved. It is possible to see that in the projects. I think that company is in a very positive moment with good expectations for 2024.
That's it. Thank you all for participating, and we catch up in the next call to discuss our results for 2023 and the last quarter as well. Thank you very much for participating.