Brazilian flats steelmaker Usiminas will likely report lower net profit in Q3 this year compared to Q2, but rebound on a year-on-year basis, according to Brazilian newspaper Valor, citing market analyst estimates. Usiminas will release its Q3 results on Friday.
The net profit expectation for Usiminas—based on predictions from BTG Pactual, Itau BBA, Morgan Stanley and Santander’s—is about BRL 26 million ($7.9 million) for Q3 this year, compared to the BRL 114 million ($34.7 million) net loss the flats producer posted in the same quarter of the year prior.
When compared to Q2’s net profit of BRL 176 million ($53.6 million), Usiminas could see a decline of 85.2 percent in net profit in Q3 this year, quarter-on-quarter.
Valor noted Usiminas’ net revenues should increase both on the year-on-year and on the quarter-on-quarter analysis.
USD = BRL 3.24 (October 26)