Lupatech reports negative R$1.45 million of EBITDA for second quarter

By Caroline Salls

Pittsburgh, Aug. 17 – Lupatech SA reported negative R$1.45 million of EBITDA for the second quarter on R$65.9 million in net revenue, according to financial results released Monday.

In comparison, EBITDA for the second quarter of 2014 was negative R$4.8 million on R$98.3 million in net revenue.

Lupatech said its products segment was largely responsible for the reduction in revenue in the second quarter.

Meanwhile, the company said the improvement in EBITDA stemmed from “continuous improvements implemented by operational restructuring.”

However, Lupatech said cash constraints continue to affect its EBITDA, as well as extraordinary expenses resulting from the restructuring process.

As a result of the reduction in consolidated net revenue, the company said total gross profit for the second quarter declined 47% as compared to the three months ended June 30, 2014.

The net loss for the second quarter was R$119 million, widening from the R$78.78 million net loss recorded for the first quarter of 2015.

The company had R$8.12 million in cash and cash equivalents as of June 30, up from R$7.23 million at March 31.

Lupatech manufactures industrial materials and is based in Caxias do Sul, Brazil.

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