OREANDA-NEWS. Leader in the manufacture and sale of nonwovens in Brazil with a significant presence in the Americas and operating globally, Companhia Providencia (BM&FBovespa:PRV13) announces net revenues of BRL 217.2 million in the fourth quarter 2013, a 42.2% improvement on the same period in 2013.

Revenue growth in the quarter is largely due to greater sales volume which posted a year-on-year increase of 20.2% to 29.9 thousand tons. Operating since the first quarter of 2013, sales generated from the Company's 13th production line had a significant impact on volume. Analyzed purely on the basis of nonwovens volume, Providencia reported 29.6 thousand tons in sales in the fourth quarter, a 1.3% increase in relation to the third quarter 2013.

Fourth quarter adjusted EBITDA reached BRL 34.7 million, a 13.6% decline on the third quarter 2013 although 2.5% higher than the same period in 2012. The adjusted EBITDA margin for the fourth quarter was 16.0%, three percentage points lower than posted for the third quarter.

The Company's net debt increased by BRL 50.4 million, or 11.2% on an annual comparative basis, principally driven by the foreign exchange translation effect on financing in US dollars. Net income totaled BRL 3.7 million in the quarter, a year-on-year reduction of 67.3%. This mainly reflects the reversal of monetary restatement on recoverable taxes and again the currency translation effect.

In 2013, the Company's net annual revenue amounted to BRL 782 million against BRL 608.6 million in the preceding year, equivalent to a growth of 28.5%. Sales volume in 2013 registered a 20.5% advance on the preceding year from 98.7 thousand in 2012 to 118.9 thousand tons. Adjusted EBITDA for 2013 was BRL 132.6 million against BRL 127 million in 2012, while adjusted EBITDA was 17.0% in 2013, against 20.9% in 2012. Net annual income fell from BRL 45.1 million in 2012 to BRL 26.9 million in 2013.