Brazil's Votorantim returns to profit amid commodity boom
12/08/2021 15:10
By Carolina Mandl
SAO PAULO, Aug 12 (Reuters) - Votorantim SA, one of Brazil's
biggest diversified holding companies, posted on Thursday a
second-quarter net income of 2.273 billion reais ($434.73
million), reversing a loss from a year earlier, helped by
commodities and cement booms.
Votorantim's quarterly net revenues jumped 68% from a year
earlier to 12.711 billion reais, while its costs grew at a
slower pace.
Its earnings before interest, taxes, depreciation and
amortization (EBITDA) tripled to 3.562 billion reais, which
helped reduce the holding's indebtedness. Net debt to EBITDA
ratio fell to 0.92 time, its lowest level since 2006, from 3.55
times a year earlier.
Chief Financial Officer Sergio Malacrida said results allow
Votorantim to eye new acquisitions, including in new economic
sectors, such as healthcare and infrastructure public-private
partnerships.
Malacrida did not provide a specific outlook for the year,
but said Votorantim's portfolio companies are poised to post
strong results by year-end.
Votorantim's portfolio includes mining company Nexa
Resources NEXA.N , cement maker Votorantim Cimentos, Companhia
Brasileira de Aluminio CBAV3.SA , orange juice producer
Citrosuco and lender BV.
($1 = 5.2285 reais)
(Reporting by Carolina Mandl; editing by Jonathan Oatis)
((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11
97116-3806;))