Fibria's net revenue totaled R$2,775 million ($877 million) in 2Q 2017, 34% more than in 1Q 2017, due to higher sales volume, as previously explained, the 12% increase in the average net price in dollars and the 2% appreciation of the average dollar against the real. Compared to 2Q 2016, net revenue grew 16%, thanks to higher sales volume and the 11% increase in the average net price of pulp in dollars, partially offset by the 8% depreciation of the dollar against the real.
Adjusted EBITDA totaled R$1,071 million ($338 million) in 2Q 2017, with a margin of 45% (excluding sales volume resulting from the agreement with Klabin). The 66% increase compared to 1Q 2017 was due to the 12% upturn in the average net price in dollars, the 2% appreciation of the dollar against the real and higher sales volume, partially offset by higher COGS, as explained earlier. The 16% upturn compared to 2Q 2016 was due to higher sales volume and an increase in the average net price in dollars.
Fibria recorded a loss of R$259 million ($82 million) in 2Q 2017, versus net income of R$329 million ($104 million) in 1Q 2017 and R$745 million ($235 million)in 2Q 2016.
Pulp production totaled 1,330 thousand tons in 2Q 2017, 11% more than in 1Q 2017, due to the absence of scheduled maintenance downtimes, a higher number of production days and improved operational efficiency. The 3% increase over 2Q 2016 was mostly due to improved operational efficiency in the period, as there was no longer any residual effect of the retrofit of the boiler at the Aracruz mill.