Latest News

Brazil's Vibra earnings more than triples in third quarter driven by tax gain

Brazilian fuel supplier Vibra said on Tuesday its net revenue more than tripled in the 3rd quarter from a year earlier, to 4.2 billion reais ($ 730.3 million), improved by a tax gain.

WHY IT is necessary

Vibra is among the largest fuel suppliers in Latin America, running a chain of gasoline station and also offering fuel straight to companies.

BY THE NUMBERS

Vibra's net profit leapt from the 1.26 billion reais it signed up in the very same duration in 2015.

Adjusted net profits rose 7.4% year-on-year, to 46.4 billion reais, although sales volume came down 0.3%.

Vibra's adjusted profits before interest, taxes, devaluation and amortization (EBITDA) decreased practically 15% from the very same duration in 2015 to 1.99 billion reais, but beat the 1.5 billion reais approximated by analysts in a LSEG survey.

Adjusted EBITDA margin fell 14.6% to 212 reais per cubic meter.

Vibra said its net profit was boosted by a one-off tax gain with a net effect of 2.9 billion reais in the period.

(source: Reuters)