BR properties (BRPR3) posted a net loss of BRL43.772 million in the first quarter of 2023, a result that was 42% higher than a year earlier, when the company ended with a loss of BRL30.712 million.
In turn, net profit excluding depreciation, amortization and non-cash items (FFO) for the period reached R$50.2 million with a margin of 162% compared to a loss of R$1.3 million in the previous year.
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Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) was R$13,075 million between January and March, down 76% year-on-year. Adjusted Ebitda margin of 42% was 23 percentage points below the same baseline.
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The company reported net sales of BRL 31.074 million, down 63% from the first quarter of 2022.
The adjusted net financial result was R$37.7 million. According to BR Properties, the positive result is “attributed to the amortization of 100% of the company’s debt in the third quarter of 2022 and the increase in financial income on the robust cash position resulting from the sale of real estate to Brookfield in the month of July 2022”.
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