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Financial News: FIBRIA: Profit Surges As Higher Revenue, Stronger Real

FIBRIA: Profit Surges As Higher Revenue, Stronger Real Boost 3Q17 Results

10/24/2017 - 19:46:00 (RTTNews)

(RTTNews) - Brazilian paper mill Fibria Celulose's net income rose to R$ 743 million (US$ 228.8 million) in the third quarter, from R$ 32 million a year before, boosted by higher revenue and a stronger real.

Net revenue in the third quarter increased 24% year-on-year, to R$ 2.844 billion, while adjusted EBITDA totaled R$ 1.256 billion, a 66% increase over the same period in 2016.

The company said that one of the reasons for its performance in the quarter was a net financial gain of R$ 456 million, "largely due to the appreciation of the Brazilian real against the U.S. dollar," which had a positive effect on the debt position and the hedge result.

In the second quarter of 2017, the net financial result was negative in R$ 789 million, while in the third quarter of 2016 it was R$ 203 million negative.

Fibria's net debt at the end of September amounted to R$ 12.238 billion, 2.9% lower than at the end of June, but 15.2% higher than the R$ 10.620 billion net debt a year earlier. The debt to EBITDA ratio fell from 3.75 to 3.28 times.

In U.S. dollars, net debt totaled US$ 3.863 billion, 1% higher than in June (US$ 3.81 billion), and 18% higher than the debt recorded in September 2016 (US$ 3.272 billion), with the leverage ration fell from 3.85 to 3.24.

In the third quarter, Fibria's pulp production was 1,449 million tons, an 11% annual increase, primarily explained by the start-up of the new Horizonte 2 line, which produced 124 thousand tons in the period, and the absence of scheduled maintenance halts.

Pulp inventories closed the quarter in 51 days, compared to 52 days in the second quarter and 57 days in the same quarter of 2016, with a 1.069 million tons volume.

Sales volume totaled 1.475 million tons, up 2% year-on-year, due to a more favorable market environment. In the third quarter of this year, the sales volume to Klabin totaled 148,000 tons. In this period, Europe accounted for a 34% share of the net revenue, followed by Asia (33%), North America (24%) and Latin America (9%).

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