High costs, revenue drop cause Triunfo net loss
Brazilian infrastructure company Triunfo Participações e Investimento reported a 2018 net loss, due to a drop in revenues and rising costs and expenses.
The overall 365mn-real (US$92mn) net loss reversed a 29.9mn net profit from 2017 while adjusted revenues contracted 26.6% to 1.02bn reais.
In the fourth quarter, Triunfo posted a 293mn-real loss, reversing an 813mn-real profit in 4Q17.
The company reported its 2018 and fourth quarter results with delay as it promoted account adjustments. It is expected to release its Q1 results next week.
One factor behind the revenues drop was an income decrease related to toll plazas.
“In November we became aware of a public-interest civil action filed by the federal prosecution office, which affected Econorte with a toll reduction of 26.75% and the closure of the Jacarezinho toll plaza. After the effects and court decisions between the end of 2018 and the start of 2019, in early March 2019, a decision confirmed the closure of the Jacarezinho toll plaza, though the toll tariff reduction was suspended and Econorte could revert to the toll tariffs in effect before the public-interest civil action,” said Triunfo.
Meanwhile, pro forma operating costs and expenses picked up 39.7% last year to 649mn reais. Pro forma fourth quarter operating costs jumped from 110mn reais to 298mn reais year-on-year.
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