In the first quarter of 2024, Tecnisa (TCSA3) posted a significant net loss of R$20.7 million ($4.06 million).
This marked a drastic drop from the prior year’s R$4.1 million ($0.80 million) profit. Changes in revenue recognition and rising expenses led to a significant downturn.
The adjusted EBITDA, at R$4.3 million ($0.84 million), fell by 83.1% compared to Q1 2023.
Net revenue dipped by 34.6% to R$87.4 million ($17.14 million). Sales pace and project construction stages drove this revenue shift.
Moreover, the non-recurring accounting effect of the Kalea Jardin project added to the decline.
Property costs fell 9.2% to R$95.2 million ($18.67 million), aligning with revenue losses.
Net debt rose by 19.9%, ending Q1 at R$556.3 million ($109.08 million). Debt restructuring included bonds and commercial note issuance.
Tecnisa is now focusing on reducing debt and optimizing its processes.
Localiza Earns R$733.5 Million in Q1, Up 40.6%
Localiza (RENT3) increased its Q1 2024 net profit by 40.6%, reaching R$733.5 million ($143.82 million).
Last year, it stood at R$521.6 million ($102.27 million). Adjusted EBITDA grew by 11.3% year-over-year to R$2.920 billion ($572.55 million).
Net revenue surged by 27.3% to R$8.686 billion ($1.70 billion). Notably, their car rental, fleet management, and pre-owned vehicle sales divisions all saw strong growth.
Caixa Seguridade Profits R$924.3 Million in Q1
Caixa Seguridade (CXSE3) achieved a recurring net profit of R$924.3 million ($181.24 million) in Q1 2024.
This represented a 12.7% improvement over the previous year. Operating revenue jumped by 25% to R$1.249 billion ($244.9 million).
This growth was driven by higher earnings from group companies, which rose 15.2%, and product distribution commissions, which climbed 14.7%.
However, a negative financial result of R$7.3 million ($1.43 million) emerged due to higher shareholder remuneration.
Despite this, Caixa Seguridade advanced a dividend payment of R$840 million ($164.71 million), covering 90.9% of its adjusted net profit.