Brazilian integrated steelmaker Gerdau saw its net profit in Q3 surge 52.6 percent, year-on-year, to BRL 145 million ($44.4 million) on reduced financial expenses, the company said on Wednesday while releasing its quarterly results.
The company said net revenues in Q3 improved nearly 9 percent, year-on-year, totaling BRL 9.4 billion ($2.8 billion).
Steel sales volumes in Q3 rose 5.4 percent, year-on-year, to 3.8 million. Crude steel output in the same period improved 4.3 percent, year-on-year, to 4 million mt.
Gerdau said gross profit declined 7 percent in Q3, year-on-year, to BRL 974 million ($298.4 million).
The company’s adjusted EBITDA in Q3 was BRL 1.1 billion, 2.8 percent down, year-on-year. Gerdau’s adjusted EBITDA margin in Q3 declined to 12.3 percent from 13.8 percent in the same quarter of 2016.
USD = BRL 3.26 (November 8)