Ouro Fino Saúde Animal reported today a adjusted net profit of R$10 million in the third quarter of 2023drop of 77.1% compared to the same period last year. According to the company, the result is a reflection of the price repositioning of some product lines, the idleness of the plant in the first quarter and the drop in sales in the period.
Throughout the quarter, Ouro Fino Saúde Animal’s net revenue was R$263.7 million, a drop of 6.1% compared to the same period last year. In the production animals division, net revenue was R$202.7 million in the third quarter, a drop of 4.8%while in the companion animal segment there was a drop of 13.2%, with net revenue of R$ 32.7 million.
“The market remains sluggish and still suffers from the impact of a combination of negative factors, providing results below our expectations”, explained the company’s CEO, Kleber Gomes, in a message from management also signed by the company’s financial director, Marcelo da Silva.
As a result, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 12.2% on the same basis of comparison, to R$57.1 million, with leverage (net debt ratio /Ebitda) of 0.5 times at the end of September, a drop of 58% compared to the same period last year.