profit soars 75% with record sales in the quarter – Money Times

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According to the company, the result was driven by the record sales of the period, after the resumption of the works stopped (Image: YouTube / Construtora Tenda)

The net profit of Tent (TEND3) skyrocketed 75% in the third quarter of 2020, to R $ 70.5 million, shows a document sent to the market this Thursday (5).

According to the company, the result was driven by the record sales of the period, after the resumption of the progress of the paralyzed works.

“The third quarter of 2020 marks the resumption of good operating and financial performance after two quarters of more severe effects due to the Covid-19 pandemic,” says the company in a message from management disclosed in the balance sheet report.

Net revenue rose 24.4%, to R $ 654 million, compared to R $ 526 million last year.

The adjusted Ebitda, which measures operating income, was R $ 105 million, an increase of 46%.

Cash generation was R $ 81 million, an increase of 45.1%.

The general sales value (PSV) transferred closed the quarter at R $ 626 million, while the land bank rose 9.5%, with a PSV of R $ 10.80 billion.

In all, there were 17 launches, totaling R $ 984.2 million in PSV, up 56.2%, and two thousand units delivered, down 13.5%.

The total debt fell to R $ 1,153 billion due to the settlement of the entire financing balance.

See the document:

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