Mills Estruturas e Servicos de Engenharia S.A., Brazil’s largest rental company, posted first-quarter net revenues of R$145 million (about U.S. $90 million), a 25.5-percent increase compared to the first quarter of 2010, and a 6-percent drop from the fourth quarter of 2010. The 21 new branches opened since November 2009 were responsible for revenues of R$30.7 million, or 21.2 percent of the total.

Mills, based in Rio de Janeiro, posted EBITDA of R$52.8 million, a 23.6-percent increase compared to the year-ago quarter. Capex reached R$184.6 million, with R$94.6 million invested in organic growth and R$90 million in acquisitions. R$42.4 was spent on motorized access equipment.

Demand remained weak in the heavy construction market, Mills said, although major construction jobs recently began such as stadiums for the 2014 World Cup, subway line 4, the Transoeste highway, the COMPERJ refinery in Rio de Janeiro, and the São Paulo monorail. However, the jobs are in their initial phase with minimal equipment being rented the company said, although the volume is likely to expand in the coming months.

In the first quarter, 66.7 percent of Mills’ revenue came from equipment revenue, with 26 percent coming from technical support services, 3.9 percent from sales and 3.4 percent from other activities.

Mills said it plans to open five new branches in 2011, three in São Luis in the state of Maranhao, and two in the state of Rio de Janeiro.