Dufry has 60% lower profit in first quarter

The travel retailer Dufry showed net income of r $ 19 million in the first quarter of 2013, down 60.2% in comparison with R $ 47.7 million reported in the same period last year. The numbers are assigned to members of the company's controllers, base the calculation of dividends of the company.
Net revenue was $ 1.58 billion, with growth of 13.7% compared to the previous year. The costs of goods and services sold advanced 12.4%, to R $ 651,8 million, operating expenses rose 20.4% to r $ 847,9 million.
The net financial result was negative at r $ 40.4 million, 22.3% high. The earnings before interest, taxes, depreciation and amortization (Ebitda) totaled r $ 182,5 million, down 3.02%.
Dufry showed good revenue growth in the Europe, Middle East, Africa and Asia USA & & Canada, as well as in Mexico and parts of the Caribbean. The performances in Brazil, Uruguay and Argentina, in particular, remained unchanged and such operations were in line with recent quarters, according to the report.
The Ebitda margin fell compared to the previous year, rising from 13.5% to 11.5% as a result of contract renewal to the São Paulo International Airport. The contract, which is considered the highest concession rate since its signature in November 2012, also includes an increase in the area of 60% in the second half of 2013, which will allow "substantial business development in the operation in the next few years," according to the company.
"Dufry expects organic revenue growth accelerate in the second half of the year, thanks to the normalization of operations in some localities and some projects that were completed in previous quarters," said the company.
The increase of 2.6 thousand square meters in the area of sales of Dufry at Guarulhos International Airport in São Paulo, is ongoing and is expected to be completed in the second half. The additional sales area, which represents an increase of 60% of the current area of Dufry, will allow the company to minimize the impacts related to restrictions of airport space and enable the generation of additional revenues.