Companhia Providencia announced results for the fourth quarter 2010. Net revenue was $69.6 million in the fourth quarter 2010, a 1.6% increase compared with fourth quarter 2009 and a decline of 0.6% relative to third quarter 2010. The increase reflects sales volume growth as well as high utilization of production capacity, which posted a volume of 20,157 tons in the quarter, growth of 1.2% over the fourth quarter 2009.
During the quarter, the Company’s net income totaled $3.4 million, and $14.2 million in the full fiscal year 2010.
Gross Profit was $24 million in the fourth quarter 2010, an increase of $240,000 from the same period in 2009.
Net revenue reached $271.9 million in the full fiscal year 2010, an increase of 9.8% from the the previous period, basically due to the increase in sales volume.
Nonwovens’ net revenue reached $68.6 million in the fourth quarter 2010, an increase of 4.8% compared to fourth quarter 2009.
In its report, the company highlighted the startup of its first plant in the U.S. with a production line of 20,000 tons/year of installed capacity for nonwovens. Investments will total $80 million including machinery and other related assets such as land and necessary installations.