UPDATE 1-Brazil’s Rumo profit jumps 47.4% in Q4, company sees stronger results in 2020

(Recasts to add details, context and forecasts for 2020)

Feb 14 (Reuters) – Brazilian logistics company Rumo SA reported a 47.4% jump in its fourth-quarter net income, exceeding analysts’ expectations, as cost-control efforts and better financial results compensated for lackluster revenue in the period.

In a securities filing, the logistics company owned by Brazilian energy group Cosan SA said its quarterly net profit hit 202 million reais ($46.73 million), above a consensus estimate of 183.5 million reais compiled by Refinitiv.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 4.2% from the fourth-quarter of 2018 to 897 million reais.

Rumo’s net revenue increased by 1% in the period.

In a separate filing, the company released forecasts for 2020 and 2023. It estimates EBITDA of between 4.15 billion and 4.65 billion reais this year compared with 3.8 billion reais in 2019.

Rumo also plans to lift investments in 2020 to between 2.6 billion and 3.4 billion reais from 2.02 billion reais last year.

$1 = 4.3231 reais
Reporting by Aluisio Alves and Alberto Alerigi Jr.; Writing by
Gabriela Mello, editing by Louise Heavens

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