Vulcabras has postponed until some time in 2012 a planned public offering of new shares intended to help finance its $50 million investment in an Indian factory, which should initially made uppers for its Olympikus line of athletic shoes. The company, which is also Adidas' partner for the distribution of Reebok in three Latin American countries, suffered a net loss of 1.6 million Brazilian reais (€716,325-$1.0m) in the first quarter of 2011, compared with a net profit of R$18.0 million in the year-ago period, and it probably remained in negative territory during the second quarter. Vulcabras saw its overall net revenues increase by 6.1 percent to R$397.3 million (€177.9m-$255.5m) in the first quarter, but its footwear sales declined by 11.4 percent in volume to 9,338,000 pairs, including 4,524,000 pairs of athletic shoes. The Ebitda margin fell to 10.1 percent from 12.7 percent, but company officials hope that it will go back above 12 percent for the second half and the full year.

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