In the same period, the company indicated, total revenues reached 222.7 million euros, "a value in line (-0.9%) with that recorded in the homologous period, with the increase in volumes sold compensating for the still unfavorable comparison in terms of prices".

"In a context of price recovery, although still lower than those recorded in the homologous period, we increased production, but also sales, which, combined with a decrease in costs, had a positive impact on the results achieved during the first quarter of this year", said Altri's CEO, José Soares de Pina, quoted in the same statement.

EBITDA (earnings before interest, taxes, depreciation, and amortization) was 50 million euros, in line with the same period of 2023 (50.2 million euros), the group highlighted.

On the other hand, "the net investment made by the Altri Group in the first three months of 2024 reached 11.8 million euros, which compares with 18.4 million in the homologous period", which was marked by the investment in the new biomass boiler (considering the new turbine) for the Caima industrial unit.

On the other hand, "the Altri group's net debt continued its downward trend, falling to 339.9 million euros at the end of March 2024 (against the 356.7 million recorded at the end of 2023)", it highlighted.

This evolution is "explained by the improvement in the EBITDA level and by a rigorous management of the working capital", said Altri.  

According to the company, "global demand for cellulose fibers presented a homologous growth of 6.2%, with the demand for Hardwood pulp registering an increase of 10.1%", highlighting, it said, China (+12.2%), North America (+11.8%) and the European market, with an increase of 13.4% in Western Europe and 30.7% in Eastern Europe.

"The year 2023 ended with a historically low level of 'stocks', close to 1.2 million tons, a level that remains similar during the first quarter of 2024", said Altri.

As for prices, there was still "an upward trend that began in September 2023" in the first three months of this year, according to the group.

Altri anticipates that "the trend of improving demand in the pulp market", which has been seen since the summer of 2023, "should continue during the first half of 2024".

"Despite significant increases in installed capacity in the pulp industry in 2023 and the expected increase during the third quarter of 2024, prices have maintained a sustained increase in recent months", it added.

Altri also revealed that, with regard to production, "after the Caima shutdown in March 2024, Celbi's maintenance will follow, which should occur between the months of September and October". Biotek has a scheduled shutdown, but only in March 2025.

Regarding the Gama project, in Galicia, Spain, Altri said that it is "in the process of obtaining the integrated environmental license, an essential condition for the final investment decision".

This project, he recalled, stems from a Memorandum of Understanding signed with Impulsa, a public-private consortium of the Autonomous Community of Galicia, "to exclusively study the construction of a new industrial unit for the production of soluble pulp and sustainable textile fibers".

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