Votorantim Cimentos reports positive 2Q net results

Votorantim Cimentos saw its consolidated net revenues from goods sold and services rendered increase 3.7 per cent to BRL5.822bn (US$1.403bn) in the first half of 2019 when compared with the 1H18 when net sales reached BRL5.612bn, according to a company statement.

However, as cost of goods sold and services rendered was up 5.8 per cent from BRL4.724bn in the 1H18 to BRL4.997bn in January-June 2019, gross profits were down 7.1 per cent from BRL888.1m in the 1H18 to BRL825.3m in the January-June 2019 period. Operating profit advanced 54.8 per cent YoY to BRL517.4m from BRL334.2m.

Net financial results improved to BRL-537.5m from BRL-652.5m as the company’s financial income nearly doubled to BRL325.2m although financial expenses were markedly higher at BRL767m. Votorantim Cimentos’ income tax paid rose from BRL83.509m in the 1H18 to BRL132.5m one year later.

Net profit improved significantly, rising to BRL118.9m from the loss of BRL290.9m reported in the 1H18.