Brazilian flats steelmaker Usiminas could post a net profit by Q1, according to a company’s filing at the country’s securities exchange commission, CVM.
Usiminas confirmed a media report that said it reported a BRL 121 million ($39 million) net profit in the first two months of 2017, as well as a BRL 366 million ($118.1 million) EBITDA in the same period.
The company didn’t specifically say it would post a net profit for Q1, but the positive results in the first two months of the year are a clear indication the company is likely to post improved financial metrics in the recently-ended quarter.
Usiminas said the figures released by the Brazilian newspaper are correct, however, those numbers aren’t definite, since the company still has to audit its earnings; Usiminas plans to report its Q1 results by April 20.
For a year-on-year comparison, Usiminas posted BRL 151 million ($48.7 million) net loss in Q1 2016, which was 35.7 percent down, year-on-year, from the BRL 235 million ($75.8 million) net loss it reported in the same quarter of 2015.