SÃO PAULO Brazils Votorantim Metais Ltda. logged a 3-percent year-on-year drop in first-quarter revenue amid lower sales volumesparticularly for aluminumand LME prices, the company said.
Revenue totaled 2.27 billion reais ($1.06 billion), down from some 2.33 billion reais in the first quarter of 2012.
Zinc revenue accounted for 1.21 billion reais ($566 million) of the total, down 3 percent in the same comparison.
Revenue from aluminum fell 3 percent to 691 million reais ($323 million), while nickel remained unchanged year on year at 363 million reais ($170 million).
Meanwhile, earnings before interest, taxes, depreciation and amortization (Ebitda) rose 21 percent year on year to 373 million reais ($174 million), mainly due to a 13-percent depreciation of the Brazilian currency during the period. Aluminum and nickel prices, which declined in terms of dollars, increased in terms of reais during the period.
Prices for aluminum, which fell 8 percent in the first quarter to an average of $2,002 per tonne, equated to an average of 3,997 reais per tonnea 4-percent increase year on year, the company said.
Nickel, which in dollar terms fell 11 percent in the first quarter to an average of $17,445 per tonne, increased 1 percent in reais terms to 34,832 reais per tonne.
Aluminum sales fell 16 percent to 96,000 tonnes, while zinc sales remained unchanged at 166,000 tonnes.
However, nickel sales rose 5 percent to 9,000 tonnes.
The metals and mining division accounted for nearly 40 percent of São Paulo-based parent company Votorantim Industrial SAs total revenue of 5.91 billion reais ($2.76 billion) in the first quarter, up 10 percent from the same year-ago period.
A version of this article was first published by AMM sister publication Metal Bulletin.