The results recorded by Ence in the first quarter of 2015 confirm the recovery of the company and its return to profit after restructuring undertaken to address the losses caused by the electricity reform. In the first three months of this year, the company quadrupled its EBITDA to rise to 34.4 million euros, 308% higher than the same period in 2014 and 66% above the fourth quarter of 2014.
As regards net income for the period January-March 2015, Ence reached a profit of 9.7 million euros, compared with a loss of 14.8 million in the 1st quarter of 2014, thanks to cost-saving measures implemented as well as reducing production costs, rising pulp prices and the favorable evolution of the dollar for the company.
The positive evolution of accounts Ence - Energía y Celulosa in the first quarter leading to annualized to exceed 150 million euros, which was the target set by the company for 2016 EBITDA.
Ignacio de Colmenares, Vice- Chairman and Managing Director of Ence, said that "the data from the beginning of 2015 confirms the good news with which we ended last year and make us optimistic about developments in 2015, year in which they comply with one year before the profit target marked on our results Recovery Plan. In the coming months we will focus our efforts on further improving our costs and maximize the good pulp prices and the dollar exchange rate. "
