Navigator’s net profit up 18% in first nine months

  • ECO News
  • 30 October 2018

Navigator recorded a net profit of €172m or an increase of 18% in the first nine months, according to the Portuguese Securities and Exchange Commission (CMVM).

Net profit at Portuguese pulp and paper group The Navigator Company rose 18% year-on-year in the first nine months of the year to €172 million, according to figures filed with the Portuguese Securities and Exchange Commission (CMVM).

According to Navigator’s figures, EBITDA (earnings before tax, interest, depreciation and amortization) increased by 14% to €341 million, up from €300 million a year ago.

The company added that positive price developments had made it possible to offset the loss of available-for-sale volume due to scheduled and unscheduled maintenance stops at its plants.

The Navigator Company recorded turnover of €1.252 billion in the first nine months of 2018, an increase of 3.5% over the first nine months of 2017. With sales of €926 million, the paper segment accounted for 74% of turnover, energy 10% (€127 million), pulp about 9% (€115 million), and the tissue business 5% (€65 million).

The company pointed out that the pulp business was affected by two long stoppages: the first one for maintenance at the Setúbal plant in the first quarter and the second in the second quarter at the Figueira da Foz plant for maintenance, which was extended to allow the completion of the project to increase installed capacity.

The group’s investment rose to €148 million euros after “acceleration of disbursements with the completion of development projects in Cacia (Tissue) and Figueira da Foz (Pulp).”