Santos Brasil records EBITDA of R$ 102.5 million in the first quarter of 2011
In the first quarter of 2011, Santos Brasil's EBITDA (earnings
before interest, taxes, depreciation and amortization) increased by
87.7% over 1Q10 to R$102.5 million, accompanied by an EBITDA
margin of 40.3%. Recurring EBITDA, which excludes provisions for
non-recurring expenses, totaled R$107.2 million, with a margin of
42.1%, 96.9% up year-on-year.
According to Marcos Tourinho, Santos Brasil's Investor Relations
Officer, the improvement in the first-quarter revenue mix and the
more positive outlook for the year as a whole led the Company to
increase its 2011 EBITDA forecast from R$407 million to R$490
million. The Company has also increased its annual investment
guidance from the original R$138.3 million to R$187.1 million.
The additional R$44.2 million will go towards expanding the
Company's container terminal in Imbituba, which the Company regards
as an excellent logistics option for the south of the country.
Santos Brasil invested R$45.7 million in the first quarter.
Net revenue totaled R$ 254.2 million, 49.6% more than the R$
169.9 million reported in the same quarter last year, while
consolidated net income came to R$ 43 million, versus R$ 4.8
million in 1Q10, and consolidated gross revenue moved up by a hefty
According to Tourinho, this result was directly affected by the
increase in warehousing and handling volumes, as well as the
substantial upturn in the Company's productivity. Constant
investments in equipment upgrading and staff training have been
reflected year after year in these indicators. Tecon Santos,
the container terminal on the left bank of the Port of Santos, in
Guarujá, which is already a benchmark for efficiency, broke its own
operational productivity record in the first quarter, with 60 MPH
(movements per hour - a productivity indicator), up from 53
MPH in the same period last year. The Company aims to
reach 70 MPH by year-end.
The strong increase in international trade, the appreciation of
the Brazilian Real and Santos Brasil's continuous investments in
infrastructure were reflected in the Company's 1Q11 handled
container volume numbers. Between January and March, the
Company's terminals - Tecon Santos (SP), Tecon Imbituba (SC) and
Tecon Vila do Conde (PA) - handled 226,999 containers, a
substantial 30.8% up on the first months of 2010.
The number of full containers handled by the Company's three
terminals (an indicator of imported cargo flows) increased by
23.8%, while imported full containers accounted for 57% of total
long-haul cargo, versus 53% in 1Q10. The full/empty container ratio
stood at 79% in the quarter.
The Company's port terminals stored 52,187 containers, 49,8% up
on the first three months of last year.
In the Logistics segment, the Company recorded 15,469 stored
containers, 4.6% up year-on-year. Bonded warehousing volume also