Commodities

Brazil's Votorantim posts Q3 loss, hit by mine in Peru

Credit: REUTERS/PAULO WHITAKER

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.

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;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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