Santos posts net revenue growth of 4.5% in first quarter

Santos Port Authority (SPA), responsible for managing the Port of Santos, disclosed that it recorded net revenue of R$246.3 million in the first quarter of 2020, an increase of 4.5% year-on-year. The performance was driven by the 3.9% increase in cargo handling at the Santos complex, which reached 31.6 million tons in the period, reflecting the robustness of national agribusiness.  The company posted a gross profit of R$163.6 million in the quarter, up 9.9% compared to year-ago levels.

Administrative expenses also improved, falling by 7.6%, to R$45.5 million, due to the various actions implemented to rationalize expenses, especially renegotiations and revisions of contracts with third parties. Earnings before interest, taxes, depreciation, and amortization (Ebitda), adjusted by provisions with disbursements from the Voluntary Dismissal Incentive Program (PIDV) and other provisions, reached R$109.5 million, 1.2% lower than the first quarter of the previous year.

According to SPA, without the effect of recognizing the actuarial expenses of the workers’ supplementary pension fund, Portus, in the amount of R$19.9 million, Ebitda would have grown 16.8%. In 2019, the expense with Portus was only recognized in the last quarter and, even so, cumulatively.

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