Chilean mining and steel group CAP saw its net profit in H1 decline 72.2 percent, year-on-year, to $12.8 million, the company said.
According to the company, revenue and EBITDA in H1 reached $723.1 million and $159 million, respectively, down 27.3 and 32.9 percent, year-on-year.
CAP Mineria, the company’s mining arm, reported net revenue of $309.1 million in H1, 39.4 percent down, year-on-year. Following the same downtrend, EBITDA in the first six months of the year totaled $99.7 million, 50.8 percent down, year-on-year.
As a result of the fall in iron ore prices, CAP Mineria’s net profit in H1 was $21.1 million, 75.8 percent lower when compared to H1 2014. Iron ore shipments in H1 this year totaled 6.3 million mt, up from 5.5 million mt a year ago.
At CAP Acero, the company’s steel business, net loss in H1 reached $5.6 million, 64.6 percent down, year-on-year, the company said, adding average steel prices declined 14.8 percent, year-on-year.
Revenue and EBITDA at CAP Acero reached $226.6 million and $14.7 million, respectively, down 19.4 percent, year-on-year, and 131.3 percent up when compared to H1 2014.
As for Q2, CAP reported a $5.45 million net profit, 65 percent down, year-on-year. Revenues in Q2 declined 30 percent, year-on-year, to $353,8 million, while EBITDA reached $70 million in the same period, 22 percent down, year-on-year.