FCA narrows losses to US$34mn in 2004
Bnamericas Published: Tuesday, March 29, 2005
Brazilian rail operator Ferrovia Centro-Atlantica (FCA) posted a 91.1mn-real (US$33.7mn) net loss in 2004 compared to a 174mn-real net loss the year before. Gross revenue grew 29.5% to 664mn reais, FCA said in a filing to the country's securities regulator (CVM). FCA moved 26.7Mt in 2004, up 12.2% from the previous year. The company's principal clients are agricultural and steel groups: Bunge Alimentos, Companhia Siderúrgica Nacional, Cia Brasileira de Alumínio, Ultrafértil, Sementes Selecta, Copebras, Adm do Brasil, Cargil Agrícola, Petrobrás and Granol Ind.Com. Export. Last year, investment reached 472mn reais, 190mn reais of which went to rail network recovery and modernization, 169mn reais to rolling stock and 19.6mn reais to machinery and equipment. Rio de Janeiro-based mining giant CVRD (NYSE: RIO) controls FCA, the main railway linking the country's southeast, northeast and central-west regions. FCA's 7,080km of line covers the states of Sergipe, Bahia, Goiás, Espírito Santo, Rio de Janeiro and Minas Gerais, plus Brazil's Federal District.
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