CVC Posts R$ 21.5 Million Loss Reversing Previous Profit
Tourism company struggles with declining revenue and worsening financial results in the third quarter
CVC ended the first quarter with a net loss of R$ 21.5 million. This figure reverses the R$ 40.6 million profit reported during the same period last year.
Net revenue for the company fell 0.6% year-over-year to reach R$ 386.7 million. The net financial result also deteriorated to a negative R$ 84.9 million which represents a 16.7% decline.
Performance was impacted by an 88.4% drop in financial income. The company attributed this to the absence of non-recurring effects recorded previously such as interest income from the reversal of provisions.
By the end of September the net debt of CVC totaled R$ 233.3 million. The operating loss for the period was R$ 25.8 million while tax gains amounted to R$ 4.2 million.
Spotted an error? Write to suporte@criptoico.com.br.
