Peruvian steelmaker Aceros Arequipa saw net profit in Q1 rise 44.1 percent, year-on-year, to PEN 28.4 million, according to a company’s filing at the nation’s securities exchange commission, SMV.
The South American steelmaker said net sales in the first quarter of the year declined 10.3 percent, year-on-year, to PEN 524.3 million due to lower selling prices.
Aceros Arequipa’s gross profit in Q1 was PEN 108 million, stable when compared to the PEN 108.8 million gross profit reported in the same quarter of the year prior. The company’s gross margin was 21 percent in Q1, up from 19 percent in the same period of 2015.
The Peruvian steelmaker said EBITDA in Q1 declined 2 percent, year-on-year, to PEN 82 million. EBITDA margin in Q1 was 16 percent, up from 14 percent in Q1 2015.
Additionally, Aceros Arequipa said it will provide 249,000 mt of steel to build the line 2 of Limas’ city subway in Peru. The steel is expected to be supplied within the next five years and accounts for about 5 percent of company’s monthly steel sales.