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Wed, Nov 22, 2017 11:19
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Brazilian wood pulp producer Eldorado delays first quarter results

SAO PAULO, Brazil (From news reports) -- Brazilian wood pulp producer Eldorado Brasil Celulose SA said on Monday it would miss a deadline to submit audited first-quarter financial results, according to a regulatory filing.

The company, a subsidiary of J&F Investimentos SA, said work to finish the audited numbers was advanced but not concluded.

The obligation to rotate independent auditors and the delayed publication of full-year 2016 results contributed to the delay, Eldorado said.

Eldorado, whose owners are involved in a federal probe into alleged corruption at the pension funds of state-run controlled companies, did not give a timeline to release audited results.

The police probe, one of several investigations into the vast overlap of Brazilian business and politics, is looking into evidence of irregularities related to pension fund investments in companies including Eldorado.

According to unaudited results, Eldorado increased pulp production by 1 percent last quarter from a year earlier, to 433,000 tonnes, the statement said. Eldorado's pulp sales rose 23 percent to 434,000 tonnes, the company said without going into detail.

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