Brazilian ferroalloys and manganese producer Ferbasa said net profit in the first quarter of the year declined 20.7 percent, year-on-year, to BRL 63.5 million ($17.2 million).
The company said net revenues in Q1 rose 15.1 percent, year-on-year, to BRL 348.5 million, due to an improved domestic outlook and increased ferroalloys sales to the export market. Cost of products sold in Q1 increased 30.1 percent, year-on-year, to BRL 238 million ($64.5 million).
Adjusted EBITDA in Q1 drop 7.1 percent, year-on-year, to BRL 94.4 million ($25.6 million), while EBITDA margin decreased to 27.1 percent in Q1 this year from 33.5 percent in Q1 2017.
Meanwhile, Capex spending in Q1 was BRL 14.5 million ($3.9 million), 13.7 percent down, year-on-year, from Q1 2017.
USD = BRL 3.68 (May 16)