CAP Acero, the steelmaking arm of Chilean CAP Group, turned to a marginal profit in Q1, the holding company said while releasing its quarterly results.
CAP Acero’s net profit in Q1 was $757,000, a 109.5 percent growth, year-on-year, when compared to the $7.9 million net loss it reported in the same period of the year prior. Net revenues in Q1 totaled $138.9 million, 25.3 percent up, year-on-year. Steel sales volumes in Q1 reached 187,380 mt, 1.3 percent up, year-on-year. EBITDA at CAP Acero in Q1 was $9.4 million, 414 percent up, year-on-year.
The group attributed the improved results to a 24.3 percent increase in average steel selling prices in Q1, as well as higher steel shipments in the same period.
As for the holding company’s own results, CAP Group reported a $33.2 million net profit in Q1, 27.5 percent up, year-on-year.