Ferronorte posts US$13.3mn Q1 net loss
Bnamericas Published: Wednesday, June 16, 2004
Brazilian rail concessionaire Ferronorte posted a 42mn-real (US$13.3mn) net loss in the first quarter, compared to a 32.2mn-real 1Q03 net loss, Ferronorte said in a statement to the country's securities regulator (CVM). For the period, operating losses closed at 42mn reais compared to 31.5mn reais in 1Q03 and gross revenue was up 29.7% to 94.3mn reais. In 2003, Ferronorte posted a 148mn-real net loss, compared to a 246mn-real net loss the year before. Rail holding Brasil Ferrovias controls Ferronorte, which was awarded a 90-year concession in 1989 to build and operate 5,000km of railroad network to transport cargo between Cuiaba (Mato Grosso state), Uberlandia, Uberaba (Minas Gerais), Aparecida do Taboado (Mato Grosso do Sul), Porto Velho (Rondonia) and Santarem (Pará). In its filing, the concessionaire said it moved 1.35Mt in the first quarter, down 2.7% from 1Q03.
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