Car rental company Movida (MOVI3) reported adjusted net profit of R$ 61.7 million in the first quarter of 2024 (1Q24), reversing a loss of R$ 61.9 million reported in the same period last year, as disclosed by the company in this Wednesday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled R$1.059 billion in 1Q24, an increase of 21% compared to 1Q23.
The adjusted Ebitda margin, considering only rental revenue, reached 68.3% between January and March, an increase of 4.6 percentage points compared to the margin in the first quarter of last year.
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Movida (MOVI3): results
Net revenue rose 11.8% in the first three months of the year, reaching R$3.021 billion.
The company recorded an average daily rate of R$130 in the quarter, an increase of 3.4% year-on-year. In the quarter, the operational occupancy rate was 80.2%, an increase of 1.8 percentage points above that recorded in the same quarter of 2023.
The fleet in March was 110,091 units, an increase of 11.9% year-on-year.
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The net financial result was negative R$518.9 million in the first quarter of 2024, a drop of 13.6%. The fall in the Selic rate and adjustments in debt management contributed to this decline.
On March 31, 2024, the company’s net debt was R$12.6 billion and the financial leverage indicator, measured by net debt/adjusted Ebitda, was 3.19 times in March 2024.
Tags: Movida MOVI3 losses profits R61 .7 million #1st quarter
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