Brazil's Votorantim posts Q3 loss, hit by mine in Peru
14/11/2019 13:46
SAO PAULO, Nov 14 (Reuters) - Brazilian industrial
conglomerate Votorantim SA posted on Thursday a net loss of 458
million reais ($110 million) in the third quarter, mainly due to
losses in a Peruvian mine held by the group's subsidiary Nexa
Resources NEXA.N .
Votorantim said in a statement production at its Cerro Pasco
mine would be lower than previously expected, leading to a 564
million reais write-down in its Peru mine in the third quarter.
A year earlier, Votorantim posted a 112 million reais profit
The group's revenues also fell 4% from a year earlier, to
8.3 billion reais, hit by lower metal prices and energy volumes
and offsetting higher sales in cement and gains in Banco
Votorantim SA.
Votorantim's net debt ended September at 11.2 billion reais,
slightly up from June. This is equivalent to 1.79 times adjusted
earnings before interest, taxes, depreciation and amortization
(EBITDA).
($1 = 4.1637 reais)
(Reporting by Carolina Mandl; Editing by Mark Potter)
((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11
97116-3806;))