Brazil integrated steelmaker Gerdau saw its net profit in Q2 decline 5.1 percent, year-on-year, the company said on Wednesday while releasing its quarterly results. Net profit in Q2 totaled BRL 75 million ($23.8 million), compared to BRL 79 million ($25.1 million) in the same quarter of the year prior.
Net revenues in Q2 dropped to BRL 9.1 billion ($2.8 billion), 10.6 percent down, year-on-year, mainly due to currency fluctuations and the sale of its Spanish unit to Clerbil SL.
Gerdau’s crude steel output in Q2 totaled 4.09 million mt, 5 percent down year-on-year, while steel sales volumes in the same period totaled 3.7 million mt, 12.6 percent down when compared to the same quarter of 2016.
Gerdau’s gross margin in Q2 fell to 10.2 percent from 10.6 percent in Q2 2016.
Gerdau reported a BRL 1.12 billion ($355.8 million) adjusted EBITDA in Q2, 6.7 percent down, year-on-year.
USD = BRL 3.14 (August 9)