RERMAG

Brazil’s Mills Posts Increased Revenues in Third Quarter as Demand Builds

Mills Estruturas e Serviços de Engenharia S.A,, Brazil’s largest rental company, posted a 17.6-percent year-over-year revenue increase in the third quarter, and 12.5-percent year-over-year jump in operational earnings. Net revenue was R$175.1 million (about U.S. $93 million). The increase was primarily the result of geographic expansion of its rental divisions.

The company noted a recovery of demand in heavy construction, with a 12.4-percent jump in equipment rental revenue compared with the previous quarter and utilization returning to a more normal rate of about 75 percent.

The company said several important construction jobs are now in progress, such as stadiums for the 2014 World Cup, subway lines in Rio de Janeiro, Sao Paulo, Belo Horizonte and Curitiba, the Petrobras refineries and hydroelectric power plants among others. The company expects the volume of equipment demand to increase in the coming months as those and other large projects progress.

Mills Estruturas e Serviços de Engenharia S.A. is based in Rio de Janeiro.

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