CAB Ambiental posts Q3 loss

By
Monday, November 17, 2014

Brazilian sanitation firm CAB Ambiental posted a net loss of 3.05mn reais (US$1.17mn) in the third quarter, compared to an 8.49mn-real profit in the same period last year.

The drop was attributed to a 13.7% rise in cost of services to 72.9mn reais from 64.1mn reais in the same year-ago period, according to the company's earnings results.

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In the same comparison, net operating revenue increased 8% year-on-year to 129mn reais from 119mn reais, and Ebitda rose 18.7% to 34.8mn reais from 29.3mn reais, the report said.

CAB Ambiental, controlled by Grupo Galvão, has a total of 18 long-term contracts in five Brazilian states: Santa Catarina, Paraná, São Paulo, Mato Grosso and Alagoas.

Although Brazil's securities regulator CVM registered CAB Ambiental as a public company last May, the firm is not expected to launch an IPO at least until 2015.

The drop was attributed to a 13.7% rise in cost of services to 72.9mn reais from 64.1mn reais in the same year-ago period, according to the company's earnings results.

In the same comparison, net operating revenue increased 8% year-on-year to 129mn reais from 119mn reais, and Ebitda rose 18.7% to 34.8mn reais from 29.3mn reais, the report said.

CAB Ambiental, controlled by Grupo Galvão, has a total of 18 long-term contracts in five Brazilian states: Santa Catarina, Paraná, São Paulo, Mato Grosso and Alagoas.

Although Brazil's securities regulator CVM registered CAB Ambiental as a public company last May, the firm is not expected to launch an IPO at least until 2015.