Corticeira Amorim's Q2 hurt by volumes decline, shares tumble
** Shares of the world's largest cork maker Corticeira Amorim CORA.LS tumble around 3% after the company reported a decline in Q2 results due to weaker volumes
** Q2 current EBITDA decrease to 50.8 million euros ($54.98 million) from 55.9 million euros yr ago, while Q2 sales fall to 266.0 million euros from 279.4 million euros
** Analysts from Renta 4 highlight that the decrease in certain raw materials and an improvement in the sales mix were not enough to offset the reduced dilution of fixed costs that resulted from the drop in sales
** Except for cork composites, which saw a 5% increase, the company reported a negative sales performance across all other business lines
** The broker also points to 19% y/y inventory decline in Q2, where the volumes drop is not offset by the marginal increase in selling prices
** The stock is on track for its worst day since early Feb, if losses hold
($1 = 0.9240 euros)
Reporting by Maria Luiza Amaral
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