Brazilian CSN raises profit in Q1
Brazilian steel producer Companhia Siderurgica Nacional (CSN) reported its first quarter results on Wednesday, May 7. According to the results announced, the net consolidated profit of the company is Reais 397 million (approximately $134.9 million) with an almost 200% recovery over last year same period results. Consolidated net revenue for the first quarter is recorded as Reais 1.56 billion, with a rise of 50% over last year. EBITDA rose by more than double to Reais 788 million from a year ago Reais 390 million.
Brazil currency Real's appreciation after the depreciation of 35% experienced last year is one of the factors contributing to these boosted revenues. Furthermore, higher domestic prices, as well as increasing exports have enhanced same.
For the currency related losses amounting to around Reais 843 million, payment of which the company is allowed to delay until end 2004, a Reais 34 million is needed to be paid in the first quarter, Reais 96 million this year, and Reais 104 million next year.