SAO PAULO (Reuters) – Brazilian car rental firm Localiza said on Monday it recorded a 56.9% growth in third-quarter profit, in line with analysts’ estimates as its fleet management business grew.
The firm posted a net profit of 664.7 million reais, compared to the consensus estimate of analysts polled by LSEG of 664.52 million reais.
Net revenue for Localiza’s fleet management division, which rents out and services entire fleets of vehicles to clients, grew 49.2% from the year-ago quarter to 1.73 billion reais.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter reached 2.68 billion reais, up 12.5% from a year earlier.
(Reporting by Peter Frontini; Editing by Kylie Madry)
