Mr. Jimmy S.H. Lee, President and Chairman, stated: "During the current quarter, we achieved Operating EBITDA of Euro 14 million. In the quarter, the Celgar mill took its annual maintenance shutdown. As a result of weather, equipment and execution issues, the shutdown was four days longer and the startup slower than budgeted. The shutdown negatively impacted our operating income by approximately Euro 11.0 million in the current quarter. Our results also reflect generally weak pulp prices and the continuing strength of the Euro versus the U.S. dollar, partially offset by strong sales. Overall, pulp sales volumes increased by approximately 3% to 368,285 ADMTs during the 2Q 2013 from 356,660 ADMTs in the prior quarter."
Total revenues for the three months ended June 30, 2013 increased by approximately 3% to Euro 210.1 million ($274.6 million) from Euro 204.1 million ($261.9 million) in the same period in 2012, due to higher pulp revenues. Pulp revenues for the three months ended June 30, 2013 increased to Euro 193.7 million from Euro 186.0 million in the comparative period of 2012, primarily due to higher pulp sales volumes, partially offset by a weaker U.S. dollar relative to the Euro.
Energy and chemical revenues decreased by approximately 8% in the second quarter to Euro 16.5 million from Euro 18.0 million in the same quarter last year, primarily as a result of lower pulp production.
Pulp production decreased by approximately 4% to 349,502 ADMTs in the current quarter from 365,047 ADMTs in the same quarter of 2012, primarily due to decreased pulp production at Celgar mill.
Pulp sales volume increased by approximately 5% to 368,285 ADMTs in the current quarter from 349,177 ADMTs in the comparative period of 2012, primarily due to higher sales to Europe and China.
For the 2Q 2013, the company reported an operating loss of Euro 0.8 million, compared to an operating income of Euro 18.3 million in the comparative quarter of 2012, primarily due to the negative impact of the Celgar mill shutdown, higher fiber costs and a weaker U.S. dollar relative to the Euro.
In the 2Q 2013, operating EBITDA decreased to Euro 14 million from Euro 32.9 million in the 2Q 2012.
Total revenues for the six months ended June 30, 2013 decreased to Euro 408.4 million ($536.5 million) from Euro 422.4 million ($548 million) in the same period in 2012, due to lower pulp and energy and chemical revenues. Pulp revenues for the six months ended June 30, 2013 decreased to Euro 373.8 million from Euro 385.5 million in the comparative period of 2012, primarily due to lower pulp sales volumes and a weaker U.S. dollar relative to the Euro.
For the first half of 2013, operating income decreased to Euro 8.7 million from Euro 34.5 million in the comparative period of 2012, primarily due to the combined effect of the Celgar mill's maintenance shutdown and lower pulp sales volumes and higher fiber prices.
In the first half of 2013, operating EBITDA decreased to Euro 38.3 million from Euro 63.5 million in the first half of 2012.
Mercer International Inc. is a global pulp manufacturing company.