Vanguarda Agro SA announced consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net revenue was BRL 331.349 million against BRL 399.013 million a year ago. Operating income – EBIT was BRL 12.732 million against BRL 57.026 million a year ago. Income before tax and social contribution was BRL 12.344 million against loss before tax and social contribution of BRL 1.359 million a year ago. Profit for the period was BRL 2.945 million compared to loss for the period of BRL 1.303 million a year ago. EBITDA was BRL 26.870 million against BRL 74.080 million a year ago. Adjusted EBITDA was BRL 44.940 million against BRL 38.107 million a year ago. Net cash provided by operating activities was BRL 61.364 million against BRL 6.002 million a year ago. It is worth noting positive operating cash generation due to: the improvement in working capital as a result of the reduction in planted area; higher revenue from all crops in first quarter 2016 than in first quarter 2015, especially corn and cotton; and the receipt of around BRL 17 million from Agropecuária Margarida for the sale of assets and the reimbursement of expenditures on the farms returned. Acquisition of fixed assets was BRL 0.730 million compared to BRL 2.432 million a year ago. Net Asset Value per share was BRL 66.75. Net debt was BRL 816.81 million compared to BRL 834.809 million a year ago.