Chilean steel producer CAP Acero reported a net loss of $7.9 million in Q1 2017, up from the $5.9 million loss it reported in the same quarter of 2016.
The company, which is part of the CAP group, attributed the deeper loss to increased iron ore and coal prices. The company also said declining industrial activity in the country in Q1 also weighed on its quarterly results.
CAP Acero said selling prices in Q1 rose 18.8 percent, year-on-year, while steel sales volumes rose to 184,966 mt, from 177,844 mt in Q1 2016. Net revenues in Q1 totaled $110.8 million, 10.3 percent up, year-on-year.
However, the company’s EBITDA in Q1 reflected a $3 million loss, down from the $1.8 million EBITDA earnings it reported in the same period of 2016.
Despite the loss at its steelmaking segment, the CAP Group posted a net profit of $45.8 million in Q1, reverting the $8.7 million net loss it posted in Q1 2016.