(News from RISI) – Chilean group CMPC has registered consolidated sales of $1.16bn in the first quarter of 2015, down 3% compared to the previous quarter and down 1% year-on-year.
EBITDA hit $239m, 4% lower than a year ago, with a 21% margin.
The company also posted a net loss of $77m in the first three months of the year, compared to a net income of $38m in 4Q14 and a net income of $46m over a year ago.
CMPC commented that excluding the impact of currency movement on deferred taxes it would have posted a net income of $79m.
CMPC’s market pulp volumes in the quarter were 508,000 tonnes, 6% lower a year ago, reflecting the preparation for the start-up of Guaíba II, as well as specifically inventory normalisation and maintenance downtime during the quarter at Guaíba I and Pacífico and Santa Fe II in 2Q15.
Tissue sales volumes were also 3% down, at 146,000.
The company stated that the Guaíba II project is currently in the process of final adjustments and start up sequence, in line with its original schedule and budget. The venture conveys a 1.3 million tpy bleached eucalyptus kraft (BEK) pulp line in Brazil, beside an existing 450,000tpy mill.
CMPC aims to start commercial operations for the new line in 2Q15.