BRAZIL - Duratex, Brazil’s largest producer of industrialized wooden panels and floors, ceramic and sanitary metals, informed its financial results for the second quarter of 2019.

In the second quarter, net income (profit) was BRL 69.4 million, an increase of 152.7 percent compared to the same period last year. In the semester, profit reached BRL 88.7 million, 52.2 percent more than in the same period 2018.

Consolidated sales in the second quarter reached BRL 1,144.7 million, reflecting a slight decrease of -2.0 percent against the same period of the past year. Meanwhile sales of the Wood Division reached BRL 701.8 million, a 1.7 percent growth in comparison to the same quarter of 2018.

In the first half of the year, consolidated sales increased 2.0 percent compared to the first half of 2018 with the Wood Division’s sales growing at 2.8 percent.

Revenue from external markets totaled BRL 219.0 million in the second quarter, 8.3 percent less than in the same period 2018, as a result of the reduction in export volumes and a slight drop in sales in the Colombian market. Foreign market participation in the company’s revenues reached 19.1 percent in the quarter. In the first half of the year, foreign market revenue totaled BRL 411.6 million, equivalent to 18.6 percent of total revenue.

Adjusted and recurring EBITDA in the second quarter of the year was BRL 213.3 million, a reduction of 3.1 percent compared to the same period of the prior year. EBITDA for the first half of the year was BRL 392.6 million, with a margin of 17.9 percent.

In the semester, consolidated investments totaled BRL 222.2 million, of which BRL 88.1 million for the formation of biological assets and BRL 134.1 million for fixed and intangible assets. Of this amount, BRL 48.3 million will be disbursed in the Ceusa expansion project (Ceramics Division).