Brazil steelmaker Gerdau reported a BRL 265 million net profit in Q2, a 32.6 percent decline, year-on-year, the company said on Wednesday.
Gerdau attributed the decline in profit in Q2 to the company’s lower operational result as well as to higher financial expenses in the three-month period.
The company’s revenue in Q2 reached BRL 10.7 billion, 3 percent up, year-on-year.
Crude steel production in the second quarter of the year totaled 4.4 million mt, 5.1 percent down, year-on-year, while sales volumes reached 4.2 million mt, a 5.6 percent decline when compared to the year prior.
Gerdau’s EBITDA in Q2 improved 1.2 percent, year-on-year, to BRL 1.1 billion, while EBITDA margin remained stable at 11 percent, from 11.2 percent a year ago.