Gerdau’s Peruvian subsidiary, Siderperu, reverted a PEN 5.7 million net loss in Q3 last year and posted a PEN 3.6 million net profit in Q3, the company said.
Despite seeing its revenues in Q3 decline 3.6 percent, year-on-year, to PEN 383.85 million, Siderperu’s managed to diminish its cost of sales in the same proportion by 3.3 percent, year-on-year, to PEN 359.68 million. The result helped the Gerdau owned company to achieve a gross profit of PEN 24.1 million.
Siderperu attributed the lower cost of sales to the lower prices of semi-manufactured products and feedstocks, as well as to its reduced operational costs.
Siderperu’s Q3 results wouldn’t be different from those of Q3 2014 if net exchange differences weren’t lower this year. In Q3, net exchange differences reached PEN 2.1 million, while in Q3 last year they reached PEN 11.04 million, thus impacting negatively Siderperu’s quarterly results in Q3 2014.
USD = PEN 3.28 (November 2)