Construction company Eztec (EZTC3) reported net profit of R$56.7 million in the first quarter of 2023 (1Q24), an amount 34.3% higher than that reported in the same period in 2023.
Gross profit reached R$81.7 million in the first quarter of 2024, an increase of 14.6% compared to the same period in 2023. Gross margin was 34.2% in 1Q24, an increase of 5 .7 pp compared to the 1Q23 margin.
According to the construction company, the main reason for this expansion is associated with the end of additional expenses linked to the delay of the EZ Parque da Cidade project and the delivery of R$ 1.8 billion in PSV of projects launched between 2019 and 2020, which were 85% sold and were largely affected by the massive inflation in construction costs that occurred during the Covid-19 pandemic.
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Eztec (EZTC3): results
Net revenue totaled R$239.2 million in the first quarter of this year, a reduction of 4.6% compared to the same period in 2023.
Operating expenses totaled R$34.4 million in 1Q24, an increase of 10.3% compared to the same period in 2023.
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The net financial result was positive at R$30.9 million in the first quarter of 2024, an increase of 26.9% over the financial gains in the same stage of 2023.
On March 31, 2024, the company’s net debt was R$84.6 million, compared to net cash of R$180.4 million in the same period in 2023.
Tags: Eztec EZTC3 profits R56 .7 million quarter increase annual basis
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