Batista's MMX reports $31 million net loss

miércoles 25 de junio de 2014 06:41 GYT
 

SAO PAULO, June 25 (Reuters) - Brazil's MMX Mineração e Metálicos SA, an iron ore mining company controlled by Brazilian tycoon Eike Batista, on Tuesday reported a first-quarter net loss of 69.2 million reais ($31 million).

The net loss was 25.4 percent bigger than a year earlier.

Earnings before interest, taxes, depreciation and amortization were negative by 501.3 million reais ($225 million), compared with a positive result of 3.1 million reais 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, which collapsed under the weight of debt and unfulfilled plans.

($1 = 2.22 Brazilian reais) (Reporting by Roberta Villas Boas; Writing by Silvio Cascione; Editing by Lisa Von Ahn)