Ence Energía y Celulosa achieved a net profit of 27.8 million euros in the first nine months (-69.6%) and a EBITDA of 126.5 million euros (-40%). The EBITDA of the Pulp business was 85 million euros (-53%), while the Renewable Energy one was 41.6 million euros (+ 28%). The results have been affected by the situation of the cellulose market, with a net price of cellulose almost 200 $ / t below its average in the last 10 years.
In cellulose we must highlight the operational improvement taken place in the third quarter, with a reduction of € 22 / ton of the production cost compared to the previous quarter. The company is focused on the cost reduction program that was launched in July. In Energy, the start-up of two new biomass plants and the repowering of some plants will mean an estimated business EBITDA improvement of nearly € 30 million / year. In addition Ence has a portfolio of projects of more than 2,100 MW in biomass, photovoltaic and solar thermal hybridization.