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All Marcopolo results dropped in Q1

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Staff writer ▼ | May 5, 2016
Production, revenues, exports, and net income all dropped for the Brazilian bus maker Marcopolo in Q1 this year from Q1 2015.
Marcopolo   Brazilian bus maker saw losses
On announcing its results, the company imputed the performance to the crisis in the country, but said orders have been placed for its unit in Egypt, and that should make for better results in Q2.

The company’s Egyptian arm, GB Marcopolo, received an order for 150 buses, for delivery in Cairo, and another 90 to be delivered in Alexandria. Both deals should lead to “improved results” as early as Q2, Marcopolo said.

Marcopolo has had an assembly line in the Arab country since 2009, via a joint venture with local enterprise GB Auto.

Total Q1 revenues stood at BRL 428.3 million ($123.6 million), a 34.8% drop over Q1 2015. The main reason was domestic performance. In Q1 2015, the company grossed BRL 360 million ($103.9 million) in Brazil, while Q1 2016 revenues reached BRL 192.50 million ($55.5 million).

Revenues from exports and foreign operations fell 20.6% to BRL 235.8 million ($68 million). Q1 net income was BRL 8.8 million ($2.5 million), down 74.1% from Q1 2015.

From January to March, Marcopolo produced 1,077 vehicles at its plants in Brazil, down 61.9% from last year. Overseas output stood at 288 units, down 47.2%. Overall, production plummeted by 59.5%.