Odebrecht now Brazil's second largest company

Apr 25, 2014 12:00 AM

Brazil's Odebrecht group is ranked second in terms of revenue for non-financial private companies in the country, with 2013 revenue up 16% to 96.9bn reais (US$43.5bn).

The engineering conglomerate - which carries out construction works for transportation infrastructure, basic water and sanitation, oil and gas, and other industries - was only beat out by local mining giant Vale which reported 106bn reais in revenue last year, local daily Valor Econômico reported.

Odebrecht, in addition, posted profits of 491mn reais in 2013 compared to a 1.5bn-real loss the previous year. Achieving this, however, also led to record debt of 73.2bn reais, which was 29% higher than 2012. As such, the company has been forced to meet the challenges and risks of new markets, the report said.

"Last year marked the beginning of consolidating the company's new businesses," CFO Marcela Drehmer was quoted as saying in the report.

Although 2013 demanded investments with little or no cash generation, it was a move in the right direction, Drehmer added.

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