Magnesita increases net income in Q3

Magnesita Refratarios S.A. (Magnesita), a Brazil-based provider of refractory solutions, has announced its financial results for the third quarter of 2011. Net income of R$34.4 million (US$19.5 million) in Q3 was up nine percent from Q3 2010, as net revenues decreased 1.6 percent compared to the same quarter of the previous year to R$561.5 million (US$318.6 million).
 
Quarterly revenues from refractory solutions were R$496.7 million (US$281.8 million), a sequential decrease of 5.6 percent and an increase of 0.5 percent over the same period a year ago. The steel sector accounted for 87.4 percent of Magnesita's total revenue in Q3, with the industrial component accounting for the remaining 12.6 percent.