Sonae Industria Has Reported a 10% Slump in Revenues

Sonae Industria has reported a 10 % slump in revenues in the first quarter of 2013 to €318m when adjusted for British activities divested last year. However, turnover had improved slightly by 1 % compared with the fourth quarter of 2012. EBITDA was almost cut in half to €16m in the first quarter. This figure includes one-time costs of €3.5m, primarily connected to the closure of its mill in Solsona, Spain in December. These costs were offset when it came to net profits, as provisions were made for losses last year. Group recurrent EBITDA fell to €20m between January and March 2013, translating into an EBITDA margin of 6.3 %. Operating earnings were barely in the black at €1m, while pre-tax profits and net profits from continuing activities slipped deeper into the red at -€14m and -€16m respectively. Sonae Industria ended 2012 with a net loss of -€99m.