Liq Participações S.A. announced consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the quarter, the company reported net operating revenue of BRL 393 million against BRL 529.4 million a year ago. LBITDA was BRL 107.8 million against EBITDA of BRL 62.5 million a year ago. LBIT was BRL 112.5 million against EBIT of BRL 11.9 million a year ago. Income before income tax was BRL 126 million against loss before income tax of BRL 24.3 million a year ago. Net loss was BRL 100.3 million against BRL 26.6 million a year ago. LBITDA was BRL 107.8 million against EBITDA of BRL 62.5 million a year ago. Net cash from operating activities was BRL 45.8 million against net cash used in operating activities of BRL 117.4 million a year ago. Investment in fixed asset was BRL 1.2 million against BRL 3 million a year ago. Net debt as at Dec. 31, 2017 was BRL 1,012.7 million against BRL 1,109 million a year ago. Capex was BRL 7.3 million against BRL 4.5 million a year ago. On adjusted basis, net operating revenue was BRL 393 million against BRL 461.1 million a year ago. Adjusted LBITDA was BRL 26 million compared to adjusted EBITDA of BRL 7 million a year ago. Adjusted LBIT was BRL 30.6 million compared to BRL 43.6 million a year ago. Adjusted net loss was BRL 18.5 million compared to BRL 50.4 million a year ago. For the year, the company reported net operating revenue of BRL 1,700.8 million against BRL 2,042.6 million a year ago. LBITDA was BRL 144 million against EBITDA of BRL 226.3 million a year ago. LBIT was BRL 232.2 million against EBIT of BRL 61.3 million a year ago. Loss before income tax was BRL 139.8 million against BRL 114.4 million a year ago. Net loss was BRL 386.4 million against BRL 213.7 million a year ago. Capex was BRL 25.2 million against BRL 16.7 million a year ago. On adjusted basis, net operating revenue was BRL 1,710.4 million against BRL 1,974.2 million a year ago. Adjusted LBITDA was BRL 42.5 million compared to BRL 22.5 million a year ago. Adjusted LBIT was BRL 130.7 million compared to BRL 195.6 million a year ago. Adjusted net loss was BRL 285.5 million compared to BRL 244.3 million a year ago.