Brazil's EcoRodovias profits down on higher costs
Brazilian infrastructure and logistics company EcoRodovias Infraestrutura e Logística reported a 27.2% drop in fourth quarter earnings due to the rise in costs.
Net profits totaled 70.7mn reais (US$$18.4mn), down from 97.2mn reais in the year ago period.
Costs increased 19.3% in the fourth quarter to 554mn reais. The company's provisions for maintenance expanded 83.7% while construction costs rose 36.2%.
Net revenue rose 9.6% to 893mn reais. Capex totaled 888mn reais last year and is projected to reach 1.38bn reais in 2019.
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