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brMalls has a better-than-expected result in the 2nd quarter

Shopping center manager brMalls had adjusted net income of 166 million reais in the second quarter, almost three times higher than the result obtained in the same period in 2021, with a strong increase in net revenue and following the trend presented by rivals due to the return of flow from consumers to businesses.

The company, which is in the process of merging with rival Aliansce, had cash generation measured by adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 328.5 million reais, compared to 140 million in the same period last year. past.

Analysts, on average, had expected EBITDA of 250.7 million reais for brMalls in the second quarter, according to data from Refinitiv.

The result came after rivals aimed at the higher income segment, such as Multiplan and Iguatemi, have released balance sheets in recent days with strong operational data, amid the return of normal operations in their ventures after the end of social isolation measures.

brMalls’ net revenue in the second quarter jumped 36% to 356.3 million reais. Analysts, on average, expected revenue of 351.75 million, according to Refinitiv.

The company said same-store sales at its malls rose 49.5% in the second quarter. Same-store rent increased 37.9% in the period. Net bad debt was negative at 1.4% after ending the first three months of the year at 6.2%.

Source: CNN Brasil

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