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CVC (CVCB3) Reduces Loss by 61% in Q3 2021, With Tourism and Holidays Resuming in July

CVC (CVCB3) Reduces Loss by 61% in Q3 2021, With Tourism and Holidays Resuming in July

(Roberto Tamer/Disclosure)

Sao Paulo – CVC (CVCB3) for the balance sheet for the third quarter of 2021, with a loss of R$ 83.811 million, a decrease of 61.1% compared to negative R$ 215.559 million in the same period of 2020.

Although there is continuous improvement, the result still shows evidence of the effects of the Covid-19 pandemic on national and global tourism, and thus on CVC operations.

Ebitda (earnings before interest, tax, depreciation and amortization) was reversed from negative to positive in the third quarter of this year: It has gone from minus 132.342 million R$ a year ago to 14.255 million R$ now.

The revised Ebitda followed the same path: It has gone from minus 126.219 million R$ to now 486,000 R$.

Net revenue more than quadrupled during the period: an increase of 271.4%, to R$ 230,374 million, compared to R$ 62.026 million in the third quarter of 2020.

The expectation was to improve, with the resumption of the tourism sector, since there is flexibility in all Brazilian states and the borders between countries have opened again, with an increase in the number of vaccinations.

“In Brazil,” the company highlighted, “it is important to highlight the holidays in July, which increased demand in this period. At the same time, in Argentina, the sales campaign “Travel Sales” and other initiatives launched by the Argentine government to promote regional tourism were successful. .

Net financial expenses had a negative impact with an increase of 30.9% (or R$ 14 million), due to lower revenue from exchange rate changes.

The company said that this effect was partially offset by an increase in financial income, which totaled R$45.2 million compared to R$27.9 million in the same period last year.

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