(Bloomberg) — Suzano SA, the world’s largest pulp supplier, surprised analysts by reporting a record loss as the weaker real bloated the size of its foreign debt and eroded the fair value of derivatives.
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The Sao Paulo-based company reported a 3.77-billion-real ($680 million) loss in the three months ended June, compared with a 5.1-billion-real profit a year earlier. The average estimate from analysts surveyed by Bloomberg was for a profit of 2.13 billion reais. That’s the company’s largest quarterly loss for a similar period, according to data going back to 1998.
Suzano operational results were still strong as the company benefited from higher pulp prices and bigger sales volumes. Earnings excluding some items such interest and taxes jumped 60% from a year earlier to 6.29 billion reais.
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