ETERNIT - Consolidated Net Revenue Reaches a Record of R$ 178 Million and Net Income Increases by 40% in 2Q10
SAO PAULO, Aug. 10 /PRNewswire-FirstCall/ -- Eternit S.A. (BM&FBOVESPA: ETER3; OTC: ETNTY), a company with 70 years of activity and the market leader in roof coverings, panels and cement slabs, announces the results for the 2nd quarter of 2010.
In the second quarter of 2010 the Company operated at full capacity at its chrysotile asbestos mining and the fiber cement businesses. In the concrete roofing tiles segment the Company operated at 70% of installed capacity.
Following the acquisition of Tegula on February 11, 2010, Eternit became the largest and most diversified roofing materials company in Brazil, expanding its participation among high income consumers.
Fiber cement sales volume grew 13.0% compared with 2Q09 and amounted to 181.7 thousand tons. Chrysotile asbestos sales, limited by production capacity, amounted to 74.5 thousand tons, a year-on-year growth of 7.6%.
Eternit's consolidated net revenues amounted to R$ 177.6 million in 2Q10, a improvement of 32.7% related to 2Q09, as a result of the increase in sales volume, the recovery in prices in the domestic and export markets and the incorporation of revenues from the Tegula acquisition amounting to R$ 19.0 million in the 2Q10.
In 2Q10, operating expenses amounted to R$ 49.1 million, 56.7% higher than recorded in 2Q09 reflecting largely marketing overheads in the launch of new products together with the Company's defense of its chrysotile asbestos business as well as the incorporation of Tegula's operating expenses, which totaled R$ 4.5 million in the period. Consolidated EBITDA reached R$ 36.3 million in the period, exceeding by 21.3% the figure reported in 2Q09. Consolidated net income posted R$ 24.3 million in 2Q10, an increase of 40.4% in relation to the same period in the preceding year.
With an appropriate capital structure, low leverage and a promising trading environment, Eternit is set to continue its growth and diversification projects, consolidating its position as a supplier of products and solutions to the civil construction industry.
Payment of Dividends
In a BDM meeting held on 08/04/2010, was deliberated the payment, starting on 08/27/2010 of the following values, taking into account the results of the 2Q10:
Interest on shareholders' equity: R$ 0.063 per share.
Dividends: R$ 0.137 per share.
Conference Call with Webcast |
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(in Portuguese – simultaneous translation into English) |
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Presentation: Elio A. Martins – Chairman and Investor Relations Officer |
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Date: Wednesday August 11, 2010 |
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Time: 10:30 a.m. (Eastern Time) |
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The presentation together with slides may be viewed on the website by registering through the site www.ccall.com.br/eternit/2Q10.htm or through the Company's Investor Relations website: www.eternit.com.br/ir
To listen to the presentation by telephone: |
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Participants in Brazil - (55-11) 4688-6361 |
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Participants from other countries - (1 786) 924-6977 |
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Password for participants: Eternit |
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Further information available on www.eternit.com.br/ir
CONTACT: |
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Gilberto Cominato |
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Rodrigo Lopes da Luz |
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Barbara M.Tanure Goncalves |
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Telephone: (55-11) 3813-6034 |
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E-mail: [email protected] |
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SOURCE Eternit S.A.
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