Chile’s CAP Acero goes from profit to loss in Q1

Tuesday, 07 May 2019 00:25:46 (GMT+3)   |   Sao Paulo

CAP Acero, the steelmaking arm of CAP Group, posted a net loss of $11.8 million in Q1 2019, the company said this week. The company had reported a net profit of $757,000 in the same quarter of the year prior.

The company attributed the Q1 2019 net loss to decreased steel selling prices and steel sales volumes. Volumes fell to 180,361 mt in Q1 this year, from 187,380 mt in Q1 2018.

Net revenues in Q1 dropped 3.6 percent, year-on-year, to $134.1 million due to the company’s reduced pellet supplies, attributed to an accident at its Port of Guacolda II and to the halt of the company’s No. 1 blast furnace in March 2019 for technical reasons.

CAP Acero reported a negative EBITDA of $8 million in Q1, down from an EBITDA of $9.4 million in Q1 2018.

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