Renar Macas S/a reported consolidated earnings results for the third quarter and nine months of 2012. For the quarter, the company's net revenue was BRL 15.2 million compared with BRL 14.3 million a year ago. Operating income was BRL 0.95 million compared with operating loss of BRL 1.7 million a year ago. Loss before taxes was BRL 1.9 million compared with operating loss of BRL 7.9 million a year ago. Net loss was BRL 1.1 million or BRL 0.0075 per share compared with BRL 7.6 million or BRL 0.0693 per share a year ago. EBITDA totaled BRL 2.8 million in the quarter, seven times higher than the BRL 0.4 million recorded in the third quarter of 2011, reflecting the success of the company's strategy of focusing on high orchard productivity and concentrating sales in the second half. Operating cash flow was BRL 0.5 million compared with negative operating cash flow of BRL 8.3 million a year ago.

For the nine months, the company's net revenue was BRL 36.9 million compared with BRL 37.9 million a year ago. Operating loss was BRL 12.98 million compared with operating loss of BRL 9.1 million a year ago. Loss before taxes was BRL 23.2 million compared with operating loss of BRL 19.1 million a year ago. Net loss was BRL 21.1 million or BRL 0.1410 per share compared with BRL 18.0 million or BRL 0.1639 per share a year ago. EBITDA loss was BRL 7.1 million compared with BRL 2.7 million a year ago. Negative operating cash flow was BRL 6.1 million compared with negative operating cash flow of BRL 8.6 million a year ago. As on date, the company's net debt was BRL 85.5 million.

For the year 2012, the company estimates net revenue in the range of BRL 48 million to BRL 50 million, EBITDA loss in the range of BRL 4 million to 2 million compared to previous guidance for net revenue in the range of BRL 48 million to BRL 50 million, EBITDA in the range of BRL 0 million to 2 million. EBITDA was revised due to the reduction in revenue and the increase in the cost/kg resulting from the decline in agricultural yield from 40.1 t/ha to 37.4 t/ha caused by hail damage to the orchards.