Brazil’s Votorantim posted BRL 6.8 billion ($2.9 billion) in net revenue in the second quarter of 2014, the company said on Monday.
Votorantim reverted a BRL 307 million ($134.66 million) loss registered a year ago to BRL 514 million ($225.4 million) in net income this year, a BRL 821 million ($360.11 million) increase, it said.
A solid operating performance along with improved results in investees, especially in Fibria, helped the company to achieve a positive net income. Net revenues and EBITDA increased by 7 and 13 percent, respectively, with “a contribution from all business segments,” it said.
Votorantim’s revenues in Brazil increased 1 percent to BRL 3.9 billion ($1.71 billion).
Long steel revenues rose by 5 percent mainly due to higher prices, Votorantim said, adding “EBITDA was negatively impacted by the higher scrap cost along with greater pig iron utilization.”
Long steel revenues for the company also increase in Argentina and Colombia.