The fall in iron ore prices in the global market resulted in Chilean mining and steel company CAP registering a 76 percent decline in net profit in Q1, according to media reports.
The company’s profit in Q1 was $7.3 million, down from $30.4 million in Q1 2014.
CAP’s revenue fell 24.3 percent year-on-year to $369.2 million, impacted mainly by the poor performance of its iron ore business, which saw the product’s price fall 37.4 percent in the same period.
CAP’s EBITDA declined 30.7 percent year-on-year to $89 million.