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/
