The Peruvian steel producer Aceros Arequipa posted a net profit of PEN 14 million ($3.79 million) for Q2 2023, an 83.7 percent decline from the same quarter in 2022.
Net sales declined by 11.6 percent to PEN 1,208 million, the gross profit declined by 57.8 percent to PEN 95 million, the operational profit declined by 70.4 percent to PEN 47 million and the EBITDA declined by 55.7 percent to PEN 90 million.
According to the company, the declining results reflect lower sales prices, as most of the sales were destined to exports, while the product mix was mostly composed of semifinished products, even though, in volume, sales have increased on yearly basis.
The company has recently announced investments of $100 million in 2023, which includes a new rolling mill, expected to start operations during the second half of 2025.
USD = PEN 3.69 (August 29)