Codesp
Economy

Codesp registers profit of R$68m in the first four months of 2019

May, 29, 2019 Posted by datamarnews

Week 201923

Codesp – Santos Port Authority – finished the first four months of 2019 with a profit of R$68.139m. The performance is far better than registered in the same period last year, when the organization recorded a profit of just R$1.238m.

According to the Port Authority the result is a combination of increased net income, which reached R$317m in the first four months of the year, up 16.5% year-on-year, as well as cost reduction implemented by the company’s management this year.

The result for this period is the best in the last 18 years, the period of time for which records are available for comparison. The balance sheet was published on Tuesday (28 May) in the federal government’s Official Gazette.

Expectations

Codesp expects to maintain the organization’s financial health and seek new business opportunities, such as concessions for infrastructure services and new auctions to lease areas, together with national and international investors.

Codesp also intends to continue with tight control over costs and contract reviews, as, according to the organization, it needs to increase cash flow to meet new obligations, such as dredging and possible expenses with Portus (Codesp’s employees supplementary pension plan).

“Due to such expenses and the possible creation of PDD (Provision for Doubtful Debts), it is likely that the result of the coming months will be affected and will not be as significant as the first four months”, according to Fernando Biral, administration and finance director of the Port Authority.

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