Suzano (SUZB3), a Brazilian pulp and paper giant, saw Q1 profit plunge 95% to R$220 million ($43.14 million).
This sharp decline stemmed from currency fluctuations affecting debt and derivatives.
EBITDA totaled R$4.558 billion ($893.33 million), marking a 26% year-over-year drop.
Net revenue reached R$9.459 billion ($1.854 billion), showing a 16% decline. Lower net dollar prices affected this decrease.
General and administrative expenses rose by 29%, totaling R$503 million ($98.63 million) in Q1 2024.
Suzano’s net financial results for Q1 2024 were negative R$3.040 billion ($596.08 million), compared to a positive R$2.470 billion ($484.31 million) the previous year.
Net debt stood at R$59.626 billion ($11.692 billion), up 8% from last year. Financial leverage rose to 3.6 times EBITDA.
Magazine Luiza Returns to Profit
Magazine Luiza (MGLU3) earned R$27.9 million ($5.47 million) in Q1 2024, reversing last year’s R$391.2 million ($76.71 million) loss.
Total sales grew 3.1% to R$16.02 billion ($3.141 billion). Adjusted terms showed a switch from a loss to a R$29.8 million ($5.84 million) profit.
Physical store sales climbed 8%, reaching R$5 billion ($980.39 million). E-commerce (1P) sales of proprietary products grew 1% to R$11 billion ($2.157 billion).
Marketplace (3P) sales hit R$5 billion ($980.39 million), with a 6% rise. Vanessa Rossini, Magalu’s investor relations director, noted accelerating demand.
Gross revenue rose 1.9% to R$11.5 billion ($2.255 billion), while net revenue reached R$9.2 billion ($1.804 billion).
Marketplace services primarily drove gross margin expansion. Operational expenses increased by 3.1% to R$2.08 billion ($407.84 million).
Higher revenues offset this, leading to a 7.4% EBITDA margin and a 111.3% EBITDA increase to R$684.9 million ($134.3 million).