Mexican steelmaker Grupo Simec saw its net profit decline 65 percent in Q2, year-on-year, the company said on Friday while releasing its quarterly results.
According to the local steelmaker, net profit in Q2 dropped to MXN 614 million ($34.8 million) from MXN 1.77 billion ($100.5 million) in the same quarter of the year prior.
Simec’s net revenues in Q2 rose 6 percent, year-on-year, to MXN 7.15 billion ($405.7 million).
Simec said steel sales volumes in Q2 fell 9 percent, year-on-year, to 521,000 mt. Cost of sales in the same period improved 12 percent, year-on-year, to MXN 5.9 billion ($334.8 million).
The company’s EBITDA in Q2 was MXN 1.2 billion ($68 million), 24 percent down, year-on-year.