Mills’ 2016 results suffer

Brazil-based Mills Estruturas e Serviços de Engenharia has revealed year-on-year rental revenues losses of 26.9% for 2016.

The company’s rental revenues were R$214.3 million (€64.52 million). Mills cited economic slowdown and political uncertainties as the main factor to its annual decreases.

Group revenues fell 31.2% year-on-year for the Brazilian company, to R$396.6 million (€119.41 million), while its earnings before interest, taxes, depreciation and amortization (EBITDA) fell 60.7% like-for-like, to R$40.9 million (12.31 million).

The company said it expected 2016 to be a challenging year, with several obstacles, directly impacting its prices and rental volume.

Sergio Kariya, Mills’ CEO, said, “For 2017, we will focus on our commercial strategy, with increased coverage and recovery of prices among other actions.

“Cash preservation and the resumption of profitability will continue being priorities for the company. With these measures we believe we are more ready to face the year of 2017.”