Batistas's MMX reports $153 mln Q4 net loss

miércoles 26 de marzo de 2014 20:45 GYT
 

RIO DE JANEIRO, March 26 (Reuters) - MMX Mineração e Metálicos SA, the Brazilian iron ore miner controlled by tycoon Eike Batista, reported a fourth quarter net loss of 353.1 million reais ($153 million) to end a year of deep restructuring, the company said on Wednesday.

That result was slightly worse that the 348.7 million loss reported a year earlier.

Earnings before interest, taxes, depreciation and amortization, a gauge of cash generation known as EBITDA, were negative by 127.4 million de reais, an improvement compared to negative 222.4 million reais a year before, the company said in a securities filing.

Net revenues fell to 180.7 million reais, down 9 percent from a year earlier.

MMX is one of the last companies still controlled by former billionaire Batista after the sale of most of his EBX group that collapsed under the weight of debt and unfulfilled plans.

The mining and integrated logistics company of the group produces iron ore in Minas Gerais and Mato Grosso do Sul.

MMX said it emerged practically free of bank debt after last month's sale of 65 percent of its Porto Sudeste do Brasil to Dutch trading company Trafigura Beheer BV and Abu Dhabi sovereign wealth fund Mubadala Development Co.

MMX agreed in September to cede control of the iron ore port and terminal in Rio de Janeiro state in exchange for $400 million of new investment and debt relief, an effort to halt the decline of Batista's once high-flying EBX group.

The Sudeste Port will initially handle 50 million tonnes of iron ore when commercial operations start later this year.   Continuación...