Grupo Heringer, Viana, Brazil, reported a second-quarter loss of R$94.7 million, down from the year-ago net income of R$144.7 million. The company cited lower margins, mainly impacted by high input costs and the sale of the Uberaba unit during the year-ago quarter (GM Feb. 26, 2021), which resulted in revenues of R$31 million at the time.
EBITDA fell to a positive R$24.1 million from the year-ago R$105.9 million, while revenues were up 90.2% on higher prices to R$1.08 billion from the year-ago R$568.6 million.
Second-quarter fertilizer volumes nudged up 1.8%, to 242,124 mt from the year-ago 237,769 mt. Conventional tons were up 6.1%, to 122,000 mt from the year-ago 115,000 mt, while specialty dropped 2.4%, to 120,000 mt from 123,000 mt.
Heringer remained in the plus column for the first-half results, posting net income of R$33.7 million compared to the year-ago R$137.3 million. EBITDA was R$109.3 million, down from R$209.7 million.
First-half revenues were R$2.31 billion, up 76.7% from the year-ago R$1.31 billion, though volumes were down 11.6%, to 543,363 mt from 614,319 mt. Both conventional and specialty volumes were off. Conventional dropped 12.6%, to 271,000 mt from 310,000 mt, while specialty were down 10.5%, to 272,000 mt from 304,000 mt.