SAO PAULO, Nov 14 (Reuters) – Brazilian industrial conglomerate Votorantim SA posted on Thursday a net loss of 458 million reais ($110 million) in the third quarter, mainly due to losses in a Peruvian mine held by the group’s subsidiary Nexa Resources NEXA.N.

Votorantim said in a statement production at its Cerro Pasco mine would be lower than previously expected, leading to a 564 million reais write-down in its Peru mine in the third quarter. A year earlier, Votorantim posted a 112 million reais profit.

The group’s revenues also fell 4% from a year earlier, to 8.3 billion reais, hit by lower metal prices and energy volumes and offsetting higher sales in cement and gains in Banco Votorantim SA.

Votorantim’s net debt ended September at 11.2 billion reais, slightly up from June. This is equivalent to 1.79 times adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

Fonte: Nasdaq