Fibria reported net income of R$745 million ($226.7 million) in the 2Q 2016. In the first six months of the year, a positive net income amounted to R$1.7 billion ($517 million), compared to R$ 48 million ($14.6 million) in the first half of 2015, as the company said in the press release received by Lesprom Network.
In the 2Q 2016, Fibria paid dividends in excess of the mandatory minimum, with a total of R$304 million ($92.5 million) distributed to shareholders.
“Fibria is known for its operational excellence, its strong focus on controlling costs and its shared creation of value. Despite the highly challenging environment for FX rates and pulp prices, we managed to reduce our cash cost, maintain our investments and distribute dividends to shareholders above the minimum amount,” said Fibria CEO Marcelo Castelli.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) amounted to R$925 million ($281.5 million) in the 2Q. In year to June, EBITDA was R$2.2 billion ($670 million). Pro forma EBITDA margin, which excludes Klabin’s pulp sales, stood at 43% in the quarter.
“We ended the 2Q with a cash position of R$3 billion ($913 million), which, combined with our financing facilities and financing for the Horizonte 2 Project, represents sufficient liquidity to meet the company's financing requirements through 2018. And this is without considering the company’s cash generation capacity until then, which will grow significantly with the startup of the Horizonte 2 Project, which is the second production line currently under construction at our Três Lagoas Unit in Mato Grosso do Sul,” said Guilherme Cavalcanti, Fibria’s Chief Financial and Investor Relations Officer.
Fibria is a Brazilian forestry company and the world's leading eucalyptus pulp producer.
