Brazilian Acominas net profit decreased by 32.5%

Brazilian Acominas net profit decreased by 32.5%

Acominas, one of the major steelmaker in Brazil, reported a Real 62.7 million ($18 million) net profit for 2002 which is 32.5% lower than that of 2001 net profit figure and a total sale of 2 million tonnes, accounting for Real 1.6 billion, which is down by 7% when compared to 2001. The company attributed the decline in net profit partly to Real's devaluation that created a Real 231.4 million loss on debts and the blast furnace accident which took place almost a year ago as Acominas could operate at full capacity only from September. Although exports increased by 6.3% to 1.34 million tonnes, 26% decrease seen in domestic sales lowering to 660'000 tonnes was the main reason why total sales recorded a decline in 2002.