Brazilian iron ore producer MMX has reverted a BRL 171.9 million net loss in Q4 2014 and posted a BRL 113.7 million net profit in Q4 2015, the company said while releasing its Q4 results.
The company posted a BRL 300,000 net revenue in Q4, up from BRL 100,000 in the same quarter of the previous year, even though MMX is currently under bankruptcy protection and hasn’t been operational.
“The company’s operational activities remained halted during all the year of 2015,” MMX said in a statement. “However, even not having a monthly cash generation, the company’s management worked with a focus on cash management, [as well as in] the control and reduction of expenses and finally, in the search of alternatives to generate cash.”
MMX’s adjusted EBITDA in Q4 was BRL 80.6 million, as opposed to the negative BRL 226 million EBITDA seen in the same period of the year prior.