Mexico’s Grupo Simec sees decline in Q2 net profit

Monday, 27 July 2015 22:48:50 (GMT+3)   |  
       

Mexico’s Grupo Simec reported a MXN 412 million net profit in Q2, 4 percent down, year-on-year. The company’s Q2 result is also 6.5 percent lower when compared to the MXN 441 million profit registered in Q1.

According to the company, net sales in Q2 totaled MXN 6.3 billion, 5 percent down, year-on-year. Sales of finished steel in the same period rose 1.6 percent, year-on-year, from 536,000 in Q2 2014 to 545,000 mt in Q2, it said.

Outside Mexico, sales in Q2 declined 20.6 percent, year-on-year, from MXN 3.4 billion to MXN 2.7 billion. Mexican sales improved 12 percent, year-on-year, to MXN 3.5 billion. Grupo Simec attributed the decline in total sales in Q2 due to “a decrease in the average sales price of 6 percent”, as well as to “an increase in the volume of shipments of approximately of 9,000/mt.”

The company’s cost of sales in Q2 diminished 9.31 percent, year-on-year, to MXN 5.4 billion, while gross profit in the period rose 40.2 percent, year-on-year, to MXN 853 million.

Simec’s Q2 EBITDA totaled MXN 782 million, a 34.3 percent increase, year-on-year.

1 US$ = MXN 16.26 (July 24)

 


Similar articles

Mexican steelmaker Simec reverses losses with net profit of $77 million Q4

29 Feb | Steel News

Mexico’s Grupo Collado reverses loss, posts net profit in Q4

29 Feb | Steel News

Minera Autlán reports net profit of $2.7 million in Q4

26 Feb | Steel News

Ternium reports explosive 839 percent increase in Q4 profits

21 Feb | Steel News

Grupo Collado reports 98 percent drop in net earnings for Q3

30 Oct | Steel News

Minera Autlán reports net loss of $9.8 million in Q3

26 Oct | Steel News

Mexican Simec's net profit falls 7.1 percent in Q3

26 Oct | Steel News

Mexico’s Grupo Collado reports 43 percent jump in net income for Q2

31 Jul | Steel News

Minera Autlán reports net loss of $19.4 million in Q2

27 Jul | Steel News

Grupo Simec’s cash reserves for investment grows to $1.1 billion in June

25 Jul | Steel News