Fibria recorded net income of R$ 329 million ($102.8 million) in 1Q 2017, versus a net loss of R$ 92 million ($28.75 million) in 4Q 2016 and net income of R$ 978 million ($305.6 million) in 1Q 2016.
Fibria’s net revenue totaled R$ 2,074 million ($648 million) in 1Q 2017, 18% less than in 4Q 2016, due to the reduction in sales volume, as previously explained. Compared to 1Q 2016, net revenue fell by 13%, as a result of the 25% drop in the average net price in reais, in turn caused by the 19% devaluation of the average dollar against the real and a reduction of 7% in the price in dollars, offsetting the 15% increase in sales volume.
Adjusted EBITDA came to R$ 644 million ($201 million) in 1Q 2017, with a margin of 37%, excluding the Klabin effect, 20% lower than in 4Q 2016, due to lower sales volume and the depreciation of the dollar against the real, partially offset by the 4% increase in the average net price of pulp in dollars. The 49% year-on-year decline was a result of the lower average net price in reais, due to the 19% depreciation of the average dollar against the real, a reduction in the price in dollars and increase in cash COGS, mainly due to the greater effect of scheduled downtime for maintenance.
Fibria is a Brazilian forestry company and the world’s leading eucalyptus pulp producer.
