By Aluisio Alves
SAO PAULO (Reuters) – Infrastructure concession operator CCR had a strong increase in profit in the third quarter, benefited by the recovery of traffic on the highways with the gradual resumption of economic activity due to the slowdown of the pandemic.
The company announced this Thursday comparable profit of 180.9 million reais from July to September, an increase of about 53% over a year earlier. In consolidated terms, profit grew 55.5%.
“The result reflected the recovery of traffic on the highways, which grew 14.5%,” stated CCR in the results report.
The company’s net revenue in the quarter totaled 2.57 billion reais. On the same basis of comparison, the increase was 6%, with emphasis on light vehicles. And total expenses rose 4.4% on the same basis, at a slower pace than inflation in the period.
With that, the company’s operating result measured by earnings before taxes, interest, amortization and depreciation (Ebitda) adjusted rose 21.1%, to 1.61 billion reais. And the Ebitda margin evolved 3.3 percentage points, to 63.1%. Between late 2022 and early 2023 it should return to pre-pandemic levels.
According to the investor relations manager at CCR, Flavia Godoy, movement in highways managed by the company in the year tends to surpass that of last year, given the positive outlook for this fourth quarter.
In the urban mobility concessions, passenger traffic in the quarter in CCR’s concessions, which include São Paulo metro lines, was 33% higher year-on-year, while traffic at airports was more than 300% higher.
“With the current recovery trend maintained, the level of traffic in urban mobility and airports tends to return to pre-pandemic levels between the end of 2022 and the beginning of 2023”, said the company’s spokeswoman.
Net debt reached 16 billion reais at the end of September, with the net debt/Ebitda indicator adjusted by 2.4 times, against 2.7 times a year earlier. “The company has plenty of room on the balance sheet to take advantage of new opportunities,” said Godoy.
In October, CCR guaranteed the concession for another 30 years of Via Dutra (BR-116), the main road connection between São Paulo and Rio de Janeiro, and BR 101, between Rio and Ubatuba (SP), offering a 15.3% discount in the toll amount, in addition to a grant of 1.77 billion reais, beating rival Ecorodovias. The new contract starts on March 1, 2022.
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