Bio-PAPPEL SAB de CV reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net sales of $234.5 million against $210.4 million for the fourth quarter of 2011 and $234.5 million for the first quarter of 2011. EBITDA was $16.4 million against $14.1 million for the fourth quarter of 2011 and $19.9 million for the first quarter of 2011. The company's EBITDA declined 17.5% when compared to first quarter 2011 mainly as a result of a decrease in the Selling Price which amounted to $15.4 million, an increase in Fixed Costs & other and in SG&A by $2.7 million and $0.9 million, respectively. Net Debt as at end of the quarter was $181.1 million against $177.4 as at end of the same period in last year. Capex in cash was $4.2 million against $6.8 million for the same period a year ago. Consolidated net income was $27.2 million against $9.968 million for the same period a year ago. Operating income was $8.85 million against $11.8 million for the same period a year ago. Income before income taxes was $25.13 million against $11.52 million for the same period a year ago. The company reported resources generated from operating activities was $2.26 million and acquisition of property, machinery and equipment of $4.18 million.