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CCR profits drop 5.2% for 2010 on increased expenses (Brazil)

Brazilian tollroad operator CCR (Bovespa: CCRO3) reported a 672mn-real (US$402mn) net profit for 2010, representing a 5.2% drop from 2009.

The result was mainly due to increased financial expenses stemming from more debt stock, a higher maintenance provision adjustment, and a higher amortization rate, the company said in its 2010 results report

Revenues grew by 22.2% to 3.78bn reais, while Ebitda for the year rose by 17.8% to 2.26bn reais.

Consolidated traffic for the year went up by 24%. The company's ViaOeste concession posted the largest jump, with 69.4%.

CCR is Brazil's largest road concession operator in terms of revenue. It manages 2,437km of highways in the states of São Paulo, Rio de Janeiro and Paraná. The firm currently operates seven highway concessions: Ponte, NovaDutra, ViaLagos, RodoNorte, AutoBAn, ViaOeste and RodoAnel.

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