Vanguarda Agro S.A. announced earnings results for the second quarter and six months ended June 2016. For the quarter, the company reported net revenues of BRL 213,929,000 compared to BRL 259,793,000 a year ago. Operating loss was BRL 39,103,000 compared to BRL 640,000 a year ago. Loss before tax and social contribution was BRL 45,383,000 compared to income before tax and social contribution of BRL 158,000 a year ago. Loss for the period was BRL 41,599,000 compared to income for the period of BRL 26,000 a year ago. LBITDA was BRL 28,261,000 compared to EBITDA of BRL 14,260,000 a year ago. Adjusted EBITDA was BRL 5,935,000 compared to BRL 27,786,000 a year ago. For the six months, the company reported net revenues of BRL 545,278,000 compared to BRL 658,806,000 a year ago. Operating loss was BRL 26,371,000 compared to operating income of BRL 56,386,000 a year ago. Loss before tax and social contribution was BRL 33,039,000 compared to BRL 1,201,000 a year ago. Loss for the period was BRL 38,654,000 compared to BRL 1,277,000 a year ago. LBITDA was BRL 1,391,000 compared to EBITDA of BRL 88,341,000 a year ago. Adjusted EBITDA was BRL 50,875,000 compared to BRL 65,893,000 a year ago. Net cash provided by operating activities was BRL 70,544,000 compared to BRL 81,275,000 a year ago. Acquisitions of fixed assets were BRL 3,586,000 compared to BRL 10,093,000 a year ago. Net debt fell by 5%, from BRL 239.5 million in June 2015 to BRL 227.9 million in June 2016.