Paranapanema swings to profit in 4Q18
Brazilian metal products manufacturer Paranapanema posted a 32.7mn-real (US$8.8mn) net profit for 4Q18, compared with a 117mn-real net loss in the same period of the previous year.
The company reported Ebitda of 80mn reais, compared with a figure of 20.1mn reais in 4Q17, driven by improved sales volumes, especially in rebar, wire and other products, as well as by an increase in the price of byproducts, in addition to a more favorable average foreign exchange rate, the firm said in an earnings release.
Total sales volumes reached 49,900t in the quarter, up 3% year-on-year, it said.
During last year, Paranapanema's main focus was to "start the process of recovering the main assets and increasing the occupancy of our plants," the company said in the release.
"Management remains fully committed to generating value to our shareholders by increasing the profitability of the operations, by increasing operational leverage, by disciplined cash management and access to new credit lines, especially to fund capex," CFO and IR officer André Gaia said.
Paranapanema is focused on copper products, which account for 98% of its gross consolidated revenues.
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