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Financial News: USIMINAS: Losses Shrink 77% In 4Q17, To R$

USIMINAS: Losses Shrink 77% In 4Q17, To R$ 44.8 Million

02/09/2018 - 16:58:00 (RTTNews)

(RTTNews) - Brazilian steelmaker Usiminas reported a 77% decrease in its net loss in the fourth quarter of 2017 from a year before, to R$ 44.8 million (US$ 13.7 million). The loss was driven by higher operating and financial expenses, which overshadowed a 45% increase in revenue during the period, to R$ 3.076 billion.

Usiminas' net loss declined because in the fourth quarter of 2016 the company recorded an expense of R$ 418.3 million with income and social contribution taxes that led it from an operating profit of R$ 223.3 million to a net loss of R$ 194.9 million.

In the fourth quarter of last year, the company used a tax benefit of R$ 4.62 million, which helped reduce the R$ 49.5 million operating loss of the period.

Usiminas' EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 36% in the fourth quarter from a year earlier to R$ 372.95 million, without adjustments. Adjusted EBITDA, which includes results of subsidiaries, increased 92.3% to R$ 450.37 million.

In 2017 as a whole, Usiminas recorded a profit of R$ 315.1 million, after a loss of R$ 576.8 million a year earlier, while the company's revenue grew 27% to R$ 10.7 billion.

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