Brazil's Votorantim posts $597 mln Q1 loss, hit by Nexa mine [Reuters]
Nexa Resources S.A. Common Shares (NEXA)
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Source: Reuters
Brazil's Votorantim posts $597 mln Q1 loss, hit by Nexa mine SAO PAULO, May 21 (Reuters) - Votorantim SA, one of Brazil’s biggest diversified holding companies, posted a first-quarter net loss of 3.4 billion reais ($597 million), reversing a 4.4 billion real profit from a year earlier, as a weaker currency boosted debt servicing costs. The quarter’s results were also hit by a $485 million impairment charge for reduced cash generation expectations for its Nexa Resources SA unit’s Cerro Pasco zinc mine in Peru, Votorantim said in a statement. Mainly due to a sharp depreciation in the Brazilian real, Votorantim’s net debt - much of it denominated in dollars - skyrocketed more than 60%, ending March at 16.2 billion reais. That is equivalent to 3.55 times adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), up from a multiple of 1.95 in December. The holding’s Votorantim Cimentos and Nexa units also decided to draw down revolving credit lines totaling $500 mill
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