The Navigator Company closed the first nine months of the year with a net profit of 134,3 million euros, representing a fall of 5.4% compared to the same period last year, the company said in a statement.
Taking into account only the third quarter, profits rose to 48.8 million euros, up from the 41.4 million of euros of the same period last year. The analysts of CaixaBI anticipated that Navigator to capture profit of 42.6 million euros in the third quarter.
In the first nine months, EBITDA increased 2.6% to 301.5 million euros, with margin on sales improving to 26.1%.
total sales fell by 4.1% to 1.155,4 million euros with the company to be penalized “by a decrease in sales of energy”, as well as by the falling price of pulp and paper. “The break in the total value of sales is primarily a result of reduction in the value of sales in the area of energy, after the review of the sale tariff to the network in cogeneration plant natural gas of the Figueira da Foz”, explains the company.
Even so, the Navigator notes that came back to record a record of sales of paper in volume and in value, reaching 1.156 thousand tons and 890 million euros. Paper sales volume increased 2%, folder increased by 9% and tissue rose 27%.
Among the various non-recurring events affecting the operating figures (EBITDA) of the Navigator, the company highlights the revaluation of biological assets performed in Portugal (positive variation of 10.5 million); the impairment recorded in biological assets of Mozambique (negative variation of 3.5 million); fire in the plant tissue in Vila Velha de Rodão (negative impact of € 2.4 million).
at The level of the financial contribution to the accounts was positive, since financial results have improved -44,9 million euros between January and September of 2015 to-16.6 million euros in the same period last year.
The company points out that this “significant improvement” was possible due to the restructuring of the debt. Net debt increased to 723,4 million euros, evolving in line “with the expected” and the ratio of debt to EBITDA “is maintained at adequate levels”, to be located in is 1.82.
(news updated at 8:02 with more information)