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Brazil’s Rumo profit soars on higher volumes, tariffs

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Brazil's Rumo profit soars on higher volumes, tariffs © Reuters.

SAO PAULO (Reuters) – Brazilian railroad operator Rumo SA reported on Thursday a six-fold jump in third-quarter profit, benefiting mainly from higher agribusiness cargo volumes in Brazil’s Midwest plus higher tariffs.

Rumo’s net profit came in at 309 million reais, compared to gains of 51 million reais during the same period a year ago.

Net revenues meanwhile totaled 2.95 billion reais, up by half versus the same three-month period last year, reflecting a nearly 24% rise in the volumes it transported, especially corn, and a 23% increase in tariffs.

“Price dynamics for the second half of the year remain more favorable and freight prices showed an important correction throughout 2022,” Rumo said in its quarterly report.

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