Celulose Irani ended 2016 posting net revenue growth of 2.4%, totaling R$776.8 million ($243 million). The result reflects its external market revenue performance, representing 18% of the Company's overall sales at the end of 2016, compared to 82% sold to the domestic market. Net revenue in 4Q 2016 was stable compared to 4Q 2015 and 3Q 2016.
Gross profit for 4Q 2016 grew by 20.7%, compared to 4Q 2015 and 4.1% compared to 3Q 2016. Compared to 2015, the decrease was 5%, totaling R$ 210.8 million ($66 million).
Net income result was a negative R$ 5 million ($1.6 million) in 4Q 2016, compared to a negative R$ 16.8 million ($5.25 million) in 4Q 2015 and a negative R$ 6.9 million ($2.2 million) in 3Q 2016.
In 2016, the result was a negative R$ 10.8 million ($3.4 million), compared to a R$ 495,000 ($154, 688) profit in 2015. The year's results were impacted by higher raw material costs, particularly corrugated trimmings, along with a financial expense that was booked in the period.
Adjusted EBITDA in 4Q 2016 was R$ 19.4 million ($6 million), with a 10% margin. In 2016, it was R$ 175.3 million ($55 million), down 3.3% compared to 2015, and with a margin of 22.6%, 1.3 percentage points lower than the previous year.
Celulose Irani is one of the leading Brazilian packaging paper and corrugated cardboard packaging industrial companies.
