Skip to main content

Votorantim posts Q3 loss

Published by
World Cement,


Reuters has reported on Votorantim Industrial SA's third-quarter net loss announcement.

The reasons cited for the loss were the impact of a deep economic recession and rising US dollar debt-servicing costs after a currency plunge.

The group posted a net loss of 81 million reais, dropped sharply from a profit of 578 million reais in the previous year.

Earnings before interest, taxes, depreciation and amortisation fell by one-third to 1.6 billion reais compared to the same point last year, when Votorantim booked one-time earnings from an energy auction.

Brazil's currency fell to an all-time low in Q3, driving up Votorantim's gross debt by 7 billion reais to 30.1 billion reais at the end of September.

Votorantim's capital spending increased by 55% to 920 million reais in the quarter, half of which was intended to expand capacity, particularly at cement plants outside of Brazil.


Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/the-americas/24112015/votorantim-posts-q3-loss-53/

You might also like

LEILAC pilot: testing is now set to commence

Testing is now set to commence and start to validate the performance of the pilot, and a significant step in enabling Direct Separation to become one of the principal methods of capturing the carbon emissions from the lime and cement industries.

 
 

Embed article link: (copy the HTML code below):