profit shrinks 66.4% in the third quarter and reaches R $ 50.2 million – Money Times

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20 million miles were accumulated in the quarter, while redemptions recorded 16.7 million miles (Image: Site Smiles)

A Smiles (SMLS3) had a net profit of R $ 50.2 million in the third quarter of 2020, according to the report released by the company on Tuesday (27). The amount represents a drop of 66.4% in relation to the amount presented in the same period of 2019, of R $ 149.5 million.

Net revenue fell more than half in the annual comparison, reaching R $ 133.8 million. The Ebitda, which represents earnings before interest, taxes, depreciation and amortization, fell by almost 70% and totaled R $ 62 million. The Ebitda margin reached 46.3%.

Smiles’ management drew attention to the signs of recovery in the period. 20 million miles were accumulated in the quarter, while redemptions recorded 16.7 million miles.

“Our indicators show the consolidation of the resumption – an important sign for Smiles and for the Brazilian economy, which is moving again. The number of miles redeemed in the period was four times higher than in the second quarter. Mileage accrual grew more than 25% compared to the previous three months. These and other results led Smiles to record, in the third quarter of 2020, a turnover of R $ 450 million and a net profit of R $ 50 million ”, highlighted the company.

Total cash generation was R $ 219.4 million, 54.9% less than the R $ 486.4 million shown last year.

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