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Votorantim posts Q3 loss

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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

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