Mills continues growth surge
By Euan Youdale07 November 2013
Brazil-based Mills Estruturas e Serviços de Engenharia (Mills) saw record revenues in the third quarter, including its rental division which boasted year-on-year growth of 39.4%.
Net group revenues for the 2013 third quarter was R$222 million, 28 % higher than in the third quarter of 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at R$ 106.1 million for the quarter, 17.5% more than the same period last year.
The net revenue for the rental division amounted to R$ 93.9 million, a new quarterly record, representing 4.2% quarter-on-quarter growth. The company said the figure represented, “a greater volume of rented equipment, offsetting the lower revenues from sales, technical assistance and others. The utilisation rate remained at normal levels.”
During the quarter Mills opened a new rental branch in Bauru, São Paulo, bringing the total number of branches opened this year to seven. “Our goal is to open five more branches and end 2013 with 29 branches,” continued the company spokesman.
“Cost of goods sold decreased quarter-on-quarter, mainly due to lower volume of sales, while general and administrative expenses were higher, impacted by the opening of new branches in the past months.”
Rental EBITDA totalled R$ 52.3 million, an increase of 6.2% on the third quarter 2012, while EBITDA margin was 55.7%.