Altri shares rise on "turning point" Q4 results, optimistic outlook

Altri, SGPS

22/03/2024 11:21

** Shares in Portuguese pulp producer Altri  ALSS.LS  climb
3.1% a day after reporting Q4 results and optimistic
expectations for 2024
  
        ** Altri said it "believes that variable costs will
stabilize during 2024 and are unlikely to follow the downward
trend of recent quarters"
  
    ** "4Q23 marked an expected turning point in Altri's
operating performance, reflecting the recovery of pulp prices
and, especially, the significant improvement in cash cost for 4
consecutive quarters, which should stabilize in 2024" said
Renta4 in a note
    ** In Q4 Altri reported a YoY net profit decline of 58.3%,
above Renta4's estimate of a 90% fall
    ** Renta4 believes the surprise came from "other revenues"
such as the sale of biomass, provision of services and sale of
electricity, which beat its estimate of 28% in Q4 and 6% for the
full year
    ** The company has also reiterated its intention to make a
final investment decision on the Gama Project as soon as the
necessary conditions are met
    ** Shares are outperforming the PSI20 Index, and including
the session's rise, the stock has gained 10.87% YTD​

($1 = 0.9251 euros)

 (Reporting by Maria Luiza Amaral)
 ((Mia.Amaral@thomsonreuters.com; +48 58 769 66 00))