Despite the Covid-19 pandemic, a nationwide lockdown, and the suspension of operations on March 16, Gerdau’s Peruvian subsidiary, Siderperu, posted increased net profit in Q1.
The company said net profit in Q1 rose to PEN 30.2 million ($8.78 million), from PEN 26.8 million ($7.79 million) in the same quarter of 2019. Siderperu attributed the increased net profit to its cash position in foreign currency as well as currency fluctuations.
Net revenues in Q1 declined 18.3 percent, year-on-year, to PEN 311 million ($90.4 million), thanks to weaker steel sales volumes. Gross margin in Q1 slightly fell to 10 percent, from 10.6 percent in Q1 2019.
EBITDA in Q1 reached PEN 36 million ($10.46 million), down from PEN 47 million ($13.6 million) in Q1 2019. EBITDA margin in Q1 this year decreased to 11.6 percent, from 12.4 percent in the same quarter of the year prior.
USD = PEN 3.44 (May 13)