Movida reported net income of R$93.7 million in the third quarter, down 63.9% over the same period in 2021, the company said in a balance sheet sent to the Securities and Exchange Commission (CVM).
According to the document, the result was negatively impacted by the continuous increase in the interest rate, which led to an increase in net financial expenses.
Consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) reached R$ 925.3 million from July to September, up 51% over the same period in 2021. The Ebitda margin (over total net revenue) was 35, 4% in the period, down 3.6 points year on year.
The consolidated operating profit (Ebit) in the quarter reached R$ 624.8 million, an increase of 24.3% compared to the same period last year.
According to the company, net revenue was a record in the quarter, of R$ 2.6 billion, an advance of 66.1% over a year earlier. Revenue from leasing reached R$1.2 billion and from asset sales, R$1.41 billion.
“We remain firm in the execution of our strategic plan”, said the CEO of Movida, Renato Franklin, in balance.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
