The Brazilian papermill Fibria reported a R$ 615 million (US$ 175.5 million) net income in the first quarter of the year, up 87% over the same quarter of 2017.
Fibria’s EBITDA (earnings before interest, taxes, depreciation, and amortization) adjusted for non-recurring items almost tripled (+183%), from R$ 644 million to R$ 1.824 billion, in the same comparison basis. Net revenue grew 78% in the quarter, to R$ 3.693 billion.
Meanwhile, Fibria’s pulp production grew 32% in the quarter, to 1.588 million tons and sales grew 22%, to 1.591 million tons compared to the first quarter of 2017. Domestic sales increased 24% to 174 thousand tons, while sales to the foreign market rose 22%, to 1.417 million tons.
At the end of March, Fibria’s net debt amounted to R$ 12.774 billion, 4% higher than that recorded in December 2017. The debt/EBITDA ratio, however, fell from 2.49 times to 2.08 times on the same comparison basis.