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CVC (CVCB3) revenues grow 76.5% in 1st quarter, but losses double – Money Times

CVC
The tourism group announced this Tuesday that it had a loss of 166.8 million reais between January and March (Image: Money Times/ Gustavo Kahil)

THE CVC (CVCB3) had a strong increase in revenues in the first quarter, reflecting the gradual easing of post-pandemic isolation measures, but its loss more than doubled, affected by a worsening in financial and taxes.

The tourism group announced this Tuesday that it had a loss of 166.8 million reais between January and March, a number 104.7% greater than the loss recorded a year earlier.

On the one hand, the company’s net revenue reached 292.8 million reais, an increase of 76.5% year on year, even with circulation restrictions caused by the variant omicron gives Covid-19.

According to CVC, the number of travel reservations in the period represented 63% of the same period in 2019.

This evolution allowed an improvement in the operating result measured by adjusted earnings before taxes, interest, depreciation and amortization (EBITDA), which totaled 12.5 million reais, compared to a negative figure of 63.1 million a year earlier.

However, the financial result resulted in a net expense of 88.8 million reais, 78.3 million reais more in the annual comparison, reflecting the effect of fees higher debt, charges with prepayment of receivables and exchange rate effect.

In addition company revised deferred tax balances, with a negative accounting impact of 78 million reais.

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