SAO PAULO, August 9, 2018 /PRNewswire/ -- Eucatex (B3: EUCA3 and EUCA4), one of the largest manufacturers of panels in Brazil, with operations also in the paint and varnish, laminated flooring, partitions and doors segments, announces today its results for the second quarter (2Q18) and the first half (1H18) of 2018.
Total Net Revenue of the Company reached R$ 302.0 million, compared to R$ 290.3 million in 2Q17, up 4.0%, with the Paint Segment registering a significant 11.6% growth in the same comparison period, driven by solid sales performance and the increase in prices, reflecting in the first half of the year (+7.0%).
Sales in the Paints segment performed remarkably in 2Q18 and 1H18, growing 7.7% and 5.0% respectively, from the same periods in 2017. While the market declined 0.8% in 2Q18 and 1.6% in 1H18, according to the Brazilian Paint Manufacturers Association (ABRAFATI), and the ABRAMAT index, one of the principal indices that measure the performance of construction material industries, dropped 0.4% in 1H18, though it is expected to rise by 1.5% in 2018.
As a result of the restructuring, which has been implemented in recent years, to streamline processes and reduce expenses, the Company reduced Operating Expenses by 8.7% in 2Q18, whose ratio to Net Revenue declined 2.5 p.p. to 17.8%, compared to the same period last year.
Recurring net loss in 2Q18 reflected the exchange variation and the lower variation in the fair value of biological assets. In 1H18, recurring net loss was R$0.3 million.
In July 2018, the Company raised R$50 million to improve its debt profile, which enabled a reduction of 12 p.p. in the short-term debt, which now represents 62% of total debt.
The earnings release, presentation and complete financial statements are available at: www.eucatex.com.br/ri
Conference Call: August 9, 2018, 11:00 a.m. (Brazil), Dial-in: (11) 2188-0155.
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