Ence - Energía y Celulosa achieved a net profit of Euro 13.7 million in the 1Q 2017, which means an increase of 72.9% over the same period in 2016. This is an especially significant improvement if one takes into account that average prices of pulp fell by 9%, as the company said in the press release received by Lesprom Network.
EBITDA increased by 22.3%, to Euro 40.8 million, with a good performance both in the pulp business, which improved its result by 17.4%, and by the Energy business, up 38.6%.
Ignacio de Colmenares, CEO of Ence, said: "The significant improvement in Ence's results in the first three months of the year is a clear indication of the strength of the company's business and of the good progress in the execution of our Strategic Plan. The significant reduction in pulp costs and the growth of the energy business show that we are on the right track. "
Free cash flow reached Euro 14.4 million and net financial debt stood at Euro 208 million, 4.7% less than at the end of 2016. The company's financial leverage thus remained at 1.6 times EBITDA, notably below the levels of its competitors.
Ence is one of the main European producers of eucalyptus pulp, the most important Spanish company in the production of renewable energy using forest biomass.
