Promotora Ambiental SAB de CV Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
July 25, 2013
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Promotora Ambiental SAB de CV announced consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company announced revenues of MXN 723,463,000 compared to MXN 727,127,000 for the same period a year ago. Operating income before other income and expenses, net was MXN 45,917,000 compared to MXN 55,118,000 for the same period a year ago. Operating income after other income and expenses, net was MXN 29,298,000 compared to MXN 43,359,000 for the same period a year ago. Income before income tax was MXN 12,718,000 compared to MXN 24,538,000 for the same period a year ago. Consolidated net income was MXN 6,089,000 compared to MXN 26,614,000 for the same period a year ago. Net income of controlling interest was MXN 3,844,000 compared to MXN 20,610,000 for the same period a year ago. Total EBITDA was MXN 129,129,000 compared to MXN 154,629,000 for the same period a year ago. Net income was largely affected by increased taxes.
For the six months, the company announced revenues of MXN 1,392,069,000 compared to MXN 1,385,807,000 for the same period a year ago. Operating income before other income and expenses, net was MXN 81,067,000 compared to MXN 81,855,000 for the same period a year ago. Operating income after other income and expenses, net was MXN 57,528,000 compared to MXN 63,306,000 for the same period a year ago. Income before income tax was MXN 33,009,000 compared to MXN 45,637,000 for the same period a year ago. Consolidated net income was MXN 13,239,000 compared to MXN 40,289,000 for the same period a year ago. Net income of controlling interest was MXN 10,936,000 compared to MXN 30,610,000 for the same period a year ago. Net cash provided by operating activities was MXN 182,500,000 compared to MXN 213,483,000 for the same period a year ago. Acquisition of fixed assets was MXN 163,270,000 compared to MXN 162,068,000 for the same period a year ago. Total EBITDA was MXN 248,462,000 compared to MXN 284,034,000 for the same period a year ago. Revenue was driven by the core waste management business through its residential and private collection lines. EBITDA was below from first six months of 2012, due to a decline in earnings from other businesses, which was partially offset by the positive results of the waste management business, driven largely by the private collection and landfill lines. Net debt at the end of the period was MXN 468,642,000 compared to MXN 501,895,000 for the same period a year ago.
Promotora Ambiental SAB de CV (PASA) is a Mexico-based company engaged, through its subsidiaries, in the provision of environmental services. Its activities are structured in four areas: Waste Management Services, which includes private and residential collection, as well as operation of landfills; Water and Biotechnology, which provides such services as sewage, wastewater treatment and distribution of potable water; Oil Industry Services, which consists of the development and implementation of logistics for the management and treatment of waste resulting from well drilling activities, and Ecomar, which is mainly dedicated to the dismantling of obsolete ships. The Company owns such subsidiaries as Altya SA de CV, Gen Industrial SA de CV, Professional Recycling SA de CV, and Recolectora de Desechos y Residuos King Kong SA de CV, among others. In December, 2013, the Company acquired a 70% stake in Enviroronmental Management Group, Inc.
PROMOTORA AMBIENTAL, S.A.B. DE C.V. 
