Fertilizantes Heringer reported a second-quarter drop in earnings and revenue while volumes surged due to significantly lower fertilizer prices. However, the company said that from July on there has been a slight improvement in prices.
Heringer had a second-quarter loss of R$135.3 million (approximately $27.7 million), down 43% from the year-ago loss of R$94.7 million. EBITDA was a loss of R$137.5 million compared to the year-ago positive R$24.1 million. Revenue was R$877.3 million, down 18% from R$1.08 billion.
Second-quarter volumes moved up 49.4% to 361,648 mt from the year-ago 242,124 mt.
Conventional fertilizer volumes were up 89.4% to 231,000 mt from the year-ago 122,000 mt, while specialty fertilizer volumes were up only 8.8% to 131,000 mt from 120,000 mt.
Heringer posted a six-month net loss of R$266.9 million, off from the year-ago net earnings of R$33.7 million. EBITDA was a R$277 million loss, down from a R$109.3 million gain. Revenue was off just 2.1% to R$2.26 billion from the year-ago R$2.31 billion.
Six-month volumes were up 52.9% to 831,040 mt from 543,363 mt. Conventional tons were up 94.9% to 528,000 mt from the year-ago 271,000 mt, while specialty were up 11.4% to 303,000 mt from 272,000 mt.