Ambev SA reported lower attributable net profit for the fourth quarter of 2017 compared with the fourth quarter of 2016, despite a 14% increase in net revenue.
The Brazilian brewing company reported net profit attributable to Ambev shareholders of 3.12 billion Brazilian reais for the quarter ended Dec. 31, 2017, down 33.2% from 4.67 billion reais in the prior-year period.
Net finance loss rose 37.4% to 1.25 billion reais, and income tax expense surged to 1.72 billion reais from 530.3 million reais in the fourth quarter of 2016.
Normalized EBITDA rose 21.3% to 7.30 billion reais in the fourth quarter of 2017 from 6.01 billion reais in the fourth quarter of 2016, while normalized profit attributable to shareholders was 4.32 billion reais, up 23.8% from 3.49 billion reais.
Net revenue rose 14% to 15.03 billion reais year over year.
As of Feb. 28, US$1 was equivalent to 3.24 Brazilian reais.
