Brazil’s Ultrapar 3Q net earnings rise 10% year on year

09 November 2011 23:37  [Source: ICIS news]

HOUSTON (ICIS)--Net earnings for Brazil’s Ultrapar rose 10% in the third quarter over the same period last year on strong performances from its Ultracargo and Ipiranga divisions, the company said on Wednesday.

Ultrapar had reais (R) 225m ($130.5m, €94.0m) in net earnings for the third quarter, compared with R205m in 2010.

Sales for the third quarter totalled R12.9bn, up 18% from R10.9bn in 2010.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 15% for the quarter to $536m.

Ipiranga, Ultrapar’s fuel distribution division, saw net sales and services rise to R11.bn in the third quarter, up 20% year on year.

Ultrapar attributed the increase to “higher sales volume, the increased costs of anhydrous and hydrated ethanol and the increased share of gasoline in the sales mix, as a consequence of the lower availability of ethanol in 2011”.

Ultracargo, the company’s fuel-storage firm, saw sales increase 5% year on year to R68m, mainly as a result of growth in the storage at its expanded Suape terminal and contractual tariff adjustments, the company said.

By: Bobbie Clark
+1 713 525 2653

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