Gerdau’s Peruvian subsidiary, Siderperu, saw its net profit in Q3 drop to PEN 30 million from PEN 84 million, the company said this week.
Siderperu said net revenues in Q3 reached PEN 418 million, 7.2 percent up, year-on-year, and 12.1 percent up, quarter-on-quarter.
The company said the increased revenues are due to a stronger gross profit per metric ton of steel products sold. Stronger domestic demand also contributed to higher revenues, the company added.
Siderperu said gross profit in Q3 was PEN 49 million, 11.4 percent up, year-on-year. Gross margin improved to 11.7 percent in Q3 this year, from 11.3 percent in the same quarter of the year prior.