Brazilian refractories producer Magnesita saw its net profit decline 29.7 percent in Q1, year-on-year, to $16 million, mainly due to currency exchange fluctuations, the company said this week after releasing its quarterly results.
Magnesita’s net revenues rose 21.5 percent in Q1, year-on-year, to $284.2 million. The company’s gross profit in Q1 was $94.1 million, nearly 20 percent up, year-on-year.
The refractories producer said its gross margin in Q1 remained stable at 33.1 percent, slightly down from 33.6 percent in Q1 2016.
EBITDA in Q1 rose 0.8 percent, year-on-year, to $40.2 million.