Siderperu, the Peruvian subsidiary of Brazilian steelmaker Gerdau, saw its net profit in Q2 surge 117 percent, year-on-year, to PEN 25.7 million ($7.9 million), the company said.
The steelmaker attributed the improved net profit to a positive currency effect as well as to a stronger gross profit in Q2, which increased from PEN 25.5 million ($7.8 million) in Q2 2017 to PEN 53 million ($16.2 million) in Q2 this year. Gross margin in Q2 was 14.2 percent, up from 8.8 percent in Q2 2017.
As for H1, Siderperu posted a net profit of PEN 68.1 million ($20.8 million), nearly 200 percent up, year-on-year.
USD = PEN 3.27 (30 July)