Profit up 63% at Santos Port Authority

Santos Port Authority (SPA) enjoyed the best financial results in its history last year, with a net income of R$329m (US$67m), up 63% over the previous year, as it gears up for privatisation.

With the port authority set to be privatised at the end of the year, SPA attributed its results to a trajectory of austerity and rationalisation of expenses.

The vast majority of the profit, almost R$308m (US$63m), will be distributed in dividends to the federal government, while the port authority will also pay the highest amount in history in profit sharing to employees.