Record first quarter rental revenues for Mills

The rental division of Brazil-based Mills Estruturas e Serviços de Engenharia was main growth driver of its overall results for the first quarter of 2014.

Net revenues from rental totalled BRL 177 million (€ 57 million), up 10.4% year-on-year, and a new quarterly record for the company.

This result was boosted by gains in Mills’ heavy construction division, where rental revenues were up 10.9%, while rental revenues for real estate fell 15.9% year-on-year, thanks to lower usage.

Overall, Mills reported net first quarter revenues of BRL 208 million (€ 67 million), 10.3% higher than the same three months in 2013. Net earnings for the group totalled BRL 33.9 million (€ 10.9 million), down 10% year-on-year.

Mills said it invested BRL 102 million (€ 32.9 million) in the first quarter, of which BRL 92.8 million (€ 29.9 million) was invested in rental equipment.

It added that 1,500 new machines had entered the Brazilian market for motorised access equipment during the first quarter, an increase of 5% compared to the end of last year. It said this brought the country’s access fleet to a total of 31,000 aerial work platforms and telescopic handlers.