Eldorado reverses loss in profit of R $178 mi in 1st Qtr

Sao Paulo-the manufacturer of cellulose Eldorado announced on Wednesday a net profit of 178,300,000 dollars in the first quarter, compared with a loss of 171,500,000 in the same period in 2016.
The company previously announced that it would delay the release of its results, in order to assess the impacts of the collaboration agreement signed by the authorities awarded its controlling shareholders, the Group J&F, the brothers Joesley and Wesley Batista.
"The company reiterates that, although I believe that the information now published reflect your adequately economic and financial position at 31 March 2017, such information may be amended to the extent that complete the independent audit of its financial statements. The Eldorado will make their best efforts to finalize the work referred to above as soon as possible, "the company said in the balance sheet.
Net revenue in the quarter ended at the end of March fell 11% on a year earlier, to 696 million dollars.
Cash generation, as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) fell 19% on the first quarter of last year, to 356,500,000 reais.
The Eldorado closed the period with a cash position of 1 billion reais.