Reuters: US Dollar Report: UPDATE 1-Brazil's Fibria posts wider loss in second quarter

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UPDATE 1-Brazil's Fibria posts wider loss in second quarter Jul 24th 2013, 13:14 Wed Jul 24, 2013 9:14am EDT SAO PAULO, July 24 (Reuters) - Brazil's Fibria Celulose SA, , the world's largest producer of eucalyptus pulp, posted a second-quarter loss on Wednesday as a currency swing drove up debt-servicing costs. The net loss of 573 million reais ($258 million) was 13 percent wider than a year earlier but below the average estimate of a 673 million reais loss in a Reuters poll of seven analysts. A 10 percent decline in the value of Brazil's currency, the real, drove up the cost of servicing Fibria's foreign debt, but in the long run should help the export-focused company, according to analysts. The weaker real and a string of wood pulp price increases in 2013 helped increase net revenue by 12 percent from a year ago. Recurring earnings before interest, taxes, depreciation and amortization rose 18 percent to 647 million reais versus analysts' estimate of 639 million reais in the Reuters survey. The stronger dollar ultimately led to the net loss, however, triggering a net financial loss of 1.16 billion reais. Production and sales both stayed flat, weighed down by scheduled maintenance at a plant from April to June. Link this Share this Digg this Email Reprints

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