Votorantim Industrial, the holding company that controls Votorantim’s metals, steel and non-ferrous businesses, registered a BRL 52 million net profit attributable to its shareholders in the first quarter (Q1) of 2015, reversing a BRL 6 million loss a year ago, the company said on Thursday.
According to Votorantim, net revenue in the period reached BRL 7 billion, 4 percent up year-on-year, from BRL 6.78 billion, it said, adding the better result was due to “higher metals prices in BRL.”
The company’s adjusted EBITDA totaled BRL 1.4 billion, 8 percent down, year-on-year, mainly “due to the decline in cement demand in Brazil and lower contribution of sales of energy surplus.”
Votorantim said net revenue at its long steel business was stable at BRL 958 million, as a result of higher prices in Argentina and Colombia along with higher sales volume in Brazil.
“In Argentina, long steel sales remained stable despite the weaker economic performance. In Colombia, [the] long steel market continued to present good performance in 1Q15, on the back of [the] healthy pace of economic growth,” the company said.
The segment’s adjusted EBITDA declined 12 percent year-on-year to BRL 88 million.