Brazil fire brick firm Magnesita's Q1 bottom line crumbles
Brazilian refractory (fire) brick producer Magnesita (Bovespa: MAGG3) posted a 16.6mn-real (US$7.51mn) first quarter net loss.
That follows a 26.3mn-real net profit posted in the first quarter of last year.
Net revenue rose 15.6% to 719mn reais, and Ebitda came in at 98.5mn – down 15.2%.
"The volume of refractories sold to the steel industry in 1Q14 reached 214,000t, 5.3% higher than 1Q13, despite a 0.4% decrease in steel production in South America and meager 0.8% growth in North America," Magnesita said.
"The highlights of the quarter were the market share gains in South and North America, where growth was higher than steel production."
Based in Minas Gerais state, Magnesita is Latin America's largest refractory brick manufacturer.
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