Gerdau's Peruvian subsidiary, Siderperu, said its net profit in Q3 declined 13.8 percent, year-on-year, to PEN 26 million ($7.72 million). The company attributed the decreased net profit to a weaker gross margin, which reached 9.8 percent in Q3 this year, down from 12.2 percent in the same quarter of the year prior.
Siderperu said net revenues in Q3 remained stable, with a slightly 0.7 year-on-year decline, reaching PEN 414 million ($122.9 million), due to lower steel sales volumes.
EBITDA in Q3 was PEN 49 million ($14.5 million), down from PEN 53 million ($15.7 million) in Q3 2018. The company’s EBITDA margin in Q3 fell to 11.7 percent, from 12.6 percent in Q3 2018.
USD = PEN 3.37 November 12)