Brazil’s CVC Corp reported a net profit of R$14.4 million ($2.53 million) in the third quarter of 2024. This marked a significant turnaround from the R$87.5 million loss in the same period last year. The company’s EBITDA rose from R$19.6 million to R$115.8 million ($20.32 million) year-over-year.
The travel agency cited strong operational performance and improved profitability. CVC’s management expressed confidence in their growth potential and strategy execution. Despite the positive bottom line, net revenue fell 3.2% to R$363.8 million. The adjusted EBITDA margin improved from 25.7% to 34.3%.
For the first nine months of 2024, CVC narrowed its losses to R$42.1 million, compared to R$382.4 million in the same period of 2023. Confirmed and consumed reservations showed slight annual declines of 2.0% and 1.0% respectively.
Simpar: From Red to Black
Simpar reversed its fortunes in Q3 2024, posting a net profit of R$10.8 million ($1.89 million). This contrasted with a R$136.5 million loss in the same quarter last year. The company’s net revenue surged 30.6% to R$10.9 billion ($1.91 billion).
EBITDA grew by 30% to R$2.7 billion ($473.68 million). Simpar’s net debt increased 22.4% to R$38.7 billion ($6.79 billion). Cash reserves stood at R$13.9 billion ($2.44 billion), with short-term gross debt at R$7.2 billion ($1.26 billion).
The company’s financial result was negative R$1.6 billion ($280.70 million), up 1.6% year-over-year. Simpar’s leverage ratio remained stable at 3.7 times net debt to EBITDA. Net investments slightly decreased to R$1.8 billion ($315.79 million).
Tecnisa: Deepening Losses
Tecnisa’s struggles continued in Q3 2024, with net losses widening to R$42.9 million ($7.53 million) from R$8 million a year earlier. Net revenue inched up 1.2% to R$86.9 million. The gross margin turned negative at -13%, down from 3.3% in Q3 2023.
EBITDA deteriorated to negative R$24.4 million ($4.28 million), with a margin of -28.1%. Adjusted EBITDA also fell into the red at negative R$12.4 million ($2.18 million). Tecnisa’s net debt decreased 5.8% to R$506 million ($88.77 million).
The company launched one project in Q3, with a potential gross sales value of R$311.1 million ($54.58 million). Net sales dropped 28.2% to R$87.3 million. Despite challenges, Tecnisa generated R$27.6 million in cash, compared to consuming R$39.5 million a year ago.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.