SAO PAULO, May 4 (Reuters) - Brazilian pulpmaker Suzano posted on Wednesday a first-quarter net profit of 10.3 billion reais ($2.09 billion), bouncing back from losses in the previous year, helped by stronger financial results.

The company reported a 6.2 billion reais gain in derivative operations in the quarter, mainly due to the effect of a stronger exchange rate and hedge operations, used to minimize volatility effects.

In the first three months of 2021, the pulpmaker had posted a 2.75 billion reais net loss.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 5.12 billion reais, a 5% jump from the same quarter of 2021, but 19% below the figure from the fourth quarter.

Suzano's sales volume for pulp and paper in the quarter fell 9% from the same period of the previous year, which was offset by a jump in prices. The average net pulp price grew 20% from the first quarter of 2021.

"Significant logistics bottlenecks across global chains and low pulp availability drove up pulp prices during the period," said the company.

The pulpmaker announced in a separate filing a share buyback program of up to 20 million common shares to be carried out by November 2023.

($1 = 4.9198 reais) (Reporting by Peter Frontini and Alberto Alerigi Jr.; Editing by Richard Pullin)