July 30, 2018 / 1:51 PM / 2 months ago

Brazil's Klabin loses $257 mln in Q2 as domestic economy lags

SAO PAULO, July 30 (Reuters) - Brazil’s Klabin SA said it lost 955 million reais ($257 million) in the second quarter as the country’s adverse economic conditions weighed on results in spite of high international pulp and paper prices.

According to a securities filing on Monday, Klabin said total sales of paper products, not including wood, were 713,000 tonnes last quarter, down from 777,000 tonnes in the same quarter a year ago.

Total sales were affected by a truckers’ strike in May that crippled Brazil’s roads for 11 days, as well as by extended maintenance work at its Puma plant, Klabin said.

Klabin units slipped 0.45 percent to 20.01 reais in early morning trading after the release of the results.

Internationally, a global trade war and a rise of the U.S. interest were not reflected in the price of packaging paper and pulp worldwide, Klabin said, adding the outlook in export markets remained positive as demand from China continues to be strong.

Klabin said even with a fall in volumes it was able to raise revenues by 13 percent last quarter to 2.2 billion reais ($593 million), buoyed by the weakness of the Brazilian real and by high paper and pulp prices.

The company, which sold 48 percent of its paper production volumes on export markets, said so-called kraftliner paper and pulp prices rose by 33 percent and 29 percent last quarter, respectively, from the first quarter of 2017.

$1 = 3.7102 reais Reporting by Ana Mano Editing by Bill Trott

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below