Peru’s only iron ore producer, Shougang Hierro Peru, posted a PEN 63.6 million net profit in Q1, 2.5 percent up, year-on-year, it said, while releasing its quarterly results.
According to the Peruvian iron ore producer, revenues in Q1 declined 11.1 percent, year-on-year, to PEN 267.9 million, while cost of sales rose to PEN 178.9 million from PEN 162.9 million in the same quarter of the year prior, resulting in a PEN 89 million gross profit in Q1.
Shougang Hierro Peru said the major factor impacting the company’s results were the diminished prices for the commodity.