Despite diminishing the BRL 263 million net loss it reported in Q1 2015, Brazilian iron ore producer MMX continued operating in the red and posted a BRL 6.1 million net loss in Q1 2016.
According to the company’s Q1 earnings release, it generated no revenue in Q1, same as in Q1 2015.
Adjusted EBITDA was negative BRL 56.2 million in Q1, down from a negative adjusted EBITDA of BRL 236.9 million posted in the same quarter of the year prior.
MMX said its operating activities remained halted in Q1 “due to operational restrictions imposed by the environmental agency of the state of Minas Gerais, as well as due to unfavorable conditions in the iron ore market.”