Kroton Posts Higher Profit as Company Renegotiates Contracts

Kroton Educacional SA, Brazil’s biggest education conglomerate, posted higher first-quarter profit after the company renegotiated all of its contracts to control costs amid the country’s recessionary economy.

Adjusted net income rose to 505.9 million reais ($144.8 million), an 11 percent increase from a year earlier, according to a statement Thursday. Revenue dropped 1.5 percent to 1.27 billion reais and compared with estimates of 1.34 billion reais.