Oct 08, 2004. /Lesprom Network/. Aracruz Celulose S.A. (NYSE: ARA) has announced its consolidated third quarter 2004 results. The company reports record sales volume in the year, 16% growth compared to the same period of 2003. Net revenue of US$298.8 million, 4% higher than in the same period of last year and 3% higher than in the previous quarter. Net income in the quarter was US$29.8 million, or US$0.29 per ADR in the quarter, compared to US$59.3 million in the same period of last year. The adjusted EBITDA, of US$151.3 million, was 2% higher than in the same period of last year. Guaiba Unit: US$50 million investment approved for modernization, increasing capacity and land purchases. Cash investments were 2.3 times the amount of the next 12-month debt amortization. Pulp production totaled 583,000 tons in the third quarter of 2004, compared to 634,000 tons in the same period of last year. During the third quarter there was maintenance downtime at the Guaiba Unit of 10 days and at the fiberline C, in the Barra do Riacho Unit, of 7 days. At the Guaiba unit, paper production in the quarter totaled 12,000 tons, consuming approximately 10,000 tons of pulp. Paper inventories were at 1,000 tons at the end of September' 04 and paper sales in the third quarter of 2004 totaled 12,000 tons. Pulp sales reached 631,000 tons in the third quarter, compared to 610,000 tons in the same period last year. At the end of September, inventories attained 334,000 tons, or 48 days of production, compared to 392,000 tons, or 57 days, at the end of June 2004.