Despite pandemic, Minera Autlan sees profit spike in Q1

Monday, 01 June 2020 23:53:30 (GMT+3)   |   Sao Paulo

Despite the Covid-19 pandemic, Mexican ferroalloys and manganese producer Minera Autlan saw its net profit in Q1 spike 477.5 percent, year-on-year, from $3.8 million in Q1 2019 to $22 million in Q1 2020, the company said.

The company said net revenues in Q1 fell 13.8 percent, year-on-year, to $100.2 million, on weaker ferroalloys and manganese selling prices. The company managed to reduce cost of sales to $84.3 million in Q1 this year from $93.6 million in Q1 2019, although gross profit in Q1 was $15.8 million, down from $22.6 million in Q1 2019.

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