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Sat, Apr 13, 2024 07:44
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Suzano posts 39 percent dip in net profit, switches CEO

SAO PAULO (From news reports) -- Brazilian pulp maker Suzano posted on Wednesday a 39% fall in its fourth quarter net profit from a year earlier, as lower pulp prices hit its revenue, while the company also announced a new CEO to take place in the second half of 2024.

Suzano posted a 4.52 billion reais ($908.94 million) net profit for the quarter ended in December, while analysts polled by LSEG were expecting a 2.85 billion reais profit.

Its net revenue fell 28% in the period year-on-year to 10.4 billion reais, with pulp sales stable in volume, but prices down 31%.

The firm also announced that its board approved Joao Alberto Fernandez de Abreu, current head of rail operator Rumo , as its new CEO, replacing Walter Schalka.

A succession process will start in April, and Abreu will start his role in the beginning of July, the firm said.

Suzano's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stand at 4.51 billion reais in the quarter, falling 45% from the same quarter a year earlier.

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