(MENAFN- The Rio Times) Brazil's third-quarter earnings from Vamos, Helbor, and Cury - three companies operating in very different corners of the economy - expose how uneven the country's post-pandemic recovery has become.

Together, they tell a story of resilience, risk, and divergence. Cury, the low-cost housing builder, is thriving on government-backed demand.

Vamos, the truck and equipment rental giant, is growing but struggling to protect profits. Helbor, the traditional property developer, is trapped between high leverage and a cooling market.
Vamos: Growth That Hurts The Bottom Line
Vamos Locação de Caminhões, Máquinas e Equipamentos is Brazil's largest player in truck and machinery rentals, serving logistics, agribusiness, and infrastructure projects.

Despite strong business activity, the company's adjusted net profit collapsed by nearly 73% to R$50 million ($9 million). That drop contrasts with a 25% jump in revenue to R$1.53 billion ($283 million) and a small 3.7% rise in adjusted EBITDA to R$895 million ($166 million).

Behind the numbers lies the cost of expansion. Maintaining and preparing its fast-growing fleet has become more expensive, and earnings from vehicle sales - a key secondary revenue stream - fell short.

The company's strategy of owning large fleets rather than leasing them exposes it to inflation and high maintenance costs.

Analysts see Vamos as well-positioned in a country investing heavily in logistics and transport, but profitability will depend on tightening cost control and keeping financing manageable amid still-elevated interest rates.


Helbor: Struggling To Rebalance After A Real Estate Boom
Helbor Empreendimentos, a São Paulo-based real estate developer focused on higher-end residential projects, reported net profit of R$13 million ($2 million), down 63% from last year.

Net operating revenue slid 33% to R$233 million ($43 million), while gross sales dropped slightly to R$479 million ($89 million). Net debt rose to R$1.5 billion ($278 million), equal to 54% of equity - a heavy load for a company facing slower sales.

Helbor launched three projects worth R$587 million ($109 million), but most of its inventory remains under construction or recently delivered, limiting cash flow.

The company's challenge is structural: after years of cheap credit and strong pre-sales, Brazil's real estate sector is adjusting to tighter financing and changing buyer behavior.

Helbor's reliance on higher-income customers - the group most cautious during high interest-rate periods - makes its short-term outlook difficult. The long-term hope lies in project diversification and deleveraging.
Cury: Riding The Wave Of Affordable Housing Demand
Cury Construtora e Incorporadora, another São Paulo-based builder, works mainly in the affordable-housing segment tied to public programs.

Its results were the mirror image of Helbor's. Net profit rose 50% to R$255 million ($47 million), and adjusted EBITDA grew 54% to R$340 million ($63 million). Sales climbed to R$1.8 billion ($333 million) and new project launches to R$2 billion ($370 million).

Cury 's success rests on scale and policy alignment. Brazil's government-backed housing incentives and population growth continue to support steady demand for its entry-level apartments.

Although the average price per unit slipped slightly, higher sales volumes more than compensated. The company also managed to strengthen its cash generation to R$233 million ($43 million), a sign of efficient execution and disciplined cost control.
The Story Behind The Story
These three firms illustrate Brazil's split corporate landscape: capital-heavy businesses like Vamos face inflation and cost headwinds; leveraged developers such as Helbor struggle to adapt to tighter credit; and volume-driven builders like Cury thrive by staying close to state-supported demand.

The broader message is that Brazil's growth is now selective - favoring firms nimble enough to scale efficiently while avoiding the drag of inflation and debt.

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