In the fourth quarter, the decline was 43.6% after the company recorded a net income of R$ 423 million, compared to R$ 750.1 million in the fourth quarter of 2020.
“The decline is due to lower investments in projects under construction, as they are in their final stage of completion, and higher net financial expenses, as a result of higher IPCA and CDI and higher leverage,” the company said. ..
Ebitda, which measures the operating result, closed the final three months of the year at R$548.5 million, down 34.3%.
“The decline is due to lower revenue from infrastructure implementation, following lower investments in the Janaúba and Sant’Ana projects, and lower cash correction of the contractual concession asset due to deflation in the IGP-M inflation index recorded in the comparison periods,” the company said.
Net operating income was R$717 million, down 38.7%.
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