August 14, 2018 / 9:51 PM / in 2 years

Brazil toll road operator CCR second-quarter profit hurt by trucker strike

SAO PAULO (Reuters) - Brazil’s largest highway toll operator, CCR SA (CCRO3.SA), on Tuesday reported a 58 percent drop in second-quarter net profit due to a trucker strike that disrupted major roads in May.

Net income fell from a year earlier to 278 million reais ($71.91 million), narrowly missing an average forecast of 291 million reais in a Thomson Reuters I/B/E/S poll of four analysts.

The company attributed the losses to a truckers strike that paralyzed ground shipping in Latin America’s largest economy for nearly two weeks. The protests weighed on CCR revenue due to both weaker traffic and because the Brazilian government exempted empty trucks from paying tolls to operators such as CCR as a concession to truckers.

CCR did not address in its earnings report an investigation by Brazilian prosecutors against the company that was first reported by local newspaper O’Globo. The company will hold a conference call for analysts on Wednesday.

CCR said last week in response to the O’Globo report that it has been cooperating with authorities since February but it remained unclear exactly what prosecutors are looking into.

Reporting by Marcelo Rochabrun; Editing by Sandra Maler

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