The result marks the first time since Latin American Logistics (ALL) and Rumo merged in February 2015 that the company has recorded a profit in a nine month period. Barring any setbacks in Q4, Rumo says it expects to end the year in profit.

Rumo registered net income of Reais 228.6m in the third quarter, up 194.2% year-on-year. The company says the result reflects the operational improvements, in addition to a decrease in the average cost of debt.

Rumo’s net revenue in Q3 increased 13.8% to Reais 1.8bn while Ebitda increased 18.9% to Reais 952.6m, with a margin of 50.7%, an increase of 2.2%. Net debt-to-Ebitda ratio improved from 2.6 times in June to 2.3 times in September.

Freight transported by rail in the third quarter increased 15.2% to 16.1 billion TKUs net tonne km, boosted by a record soybean crop that extended the grain export period, offsetting lower maize production in some states.

In August, the Brazilian National Bank for Economic and Social Development (BNDES) approved a loan of Reais 2.89bn to Rumo North and Rumo South for rail and port operations.