Mexican steelmaker Grupo Simec announced today its results of operations for the three-month period ended March 31, 2017.
The company’s net income decreased 34 percent to MXN 681 million ($36.1 million) in the first quarter of 2017 from MXN 1.032 billion ($54.7 million) in the same period of the previous year. However, on a quarter-on-quarter analysis, net income increased 122.5 percent from the net income of MXN 306 million ($16.2 million) in Q4 2016.
The company’s net sales in Q1 increased 30 percent year-on-year due to an increase in shipments of steel. Sales increased from MXN 6.102 billion ($323.3 million) in the first quarter of 2016 to MXN 7.922 billion ($419.7 million) in the same period of 2017. On a consecutive quarter analysis, net sales increased 29 percent in Q1 compared to Q4 2016.
Shipments of steel finished goods increased 7 percent from 528,000 tons in the first quarter of 2016 compared to 563,000 tons in the same period of 2017. The average sales price per ton of steel finished goods increased 22 percent in the first quarter of 2017 compared with the same period of 2016.
USD = MXN 18.88 (April 28)