By Andre Romani
SAO PAULO (Reuters) – Education company Cogna showed operational improvement in the fourth quarter and posted a net profit of 65 million reais compared to a loss of 4 billion in the same period last year, according to a balance sheet published on Thursday night.
On an adjusted basis, the company had a loss of 74.9 million reais in the quarter, a reduction of 87.3% compared to the negative result of 589 million published in the same stage of 2020.
Cogna’s results had been impacted in the fourth quarter of 2020 by the recognition of impairment losses on assets. In addition to the absence of this effect, the company said that the performance improvement is also due to lower non-recurring impacts, greater efficiency with reduced corporate expenses and lower depreciation.
The recurring Ebitda (earnings before interest, taxes, depreciation and amortization) between October and December was 424 million reais, reversing a negative result of 100.5 million reais a year earlier.
The group also recorded a drop of 90.8% in the provision for bad debt, which totaled 64.6 million reais in the October quarter to the end of December.
Total costs rose 2.1%, contained by a 17.5% drop in costs with services provided, which included a 17.2% reduction in the “teachers, technical staff and outsourced services” line. Meanwhile, the cost of goods sold rose 33.2%.
The company’s net revenue fell 5.6% in the quarter, to 1.6 billion reais, while operating expenses fell 3.9%, to 318.4 million reais.
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