Mexican steel producer Industrias CH (ICH) reported a 16.2 percent year-on-year increase in net profit in Q1, reaching MXN 355 million ($22.9 million), the company said.
ICH’s operating profit in the first three months of the year totaled MXN 712 million ($46.1 million), 60.5 percent up year-on-year from MXN 443 million ($28.6 million).
ICH’s EBITDA increased 39.5 percent to MXN 1 billion ($66.2 million) from MXN 733 million ($47.4 million) a year ago.
According to media reports, the growth registered in the two indicators was a result of higher margins, which improved thanks to a 5.7 percent decline in the cost of sales.
The company’s net sales fell 1.8 percent in Q1 to MXN 7.8 billion ($511.4 million) from MXN 8 billion ($520.4 million) in 2014.