Siderperu, Gerdau’s Peruvian subsidiary, saw its net profit in Q1 rise to PEN 42 million ($12.8 million) from PEN 11 million ($3.3 million) in Q1 2017, the company said while releasing its quarterly results.
Siderperu said the increased net profit was due to improved operational efficiencies, higher gross profit per ton sold as well as reduced sales and administration expenses.
The company’s net revenues in Q1 reached PEN 369 million ($112.6 million), 24 percent up, year-on-year, due to improved steel sales volumes. The steelmaker noted steel sales in Q1 2017 were strongly affected by the El Nino weather pattern in Peru.
Siderperu’s gross margin in Q1 rose to 18.2 percent from 7.7 percent in the same quarter of the year prior.
USD = PEN 3.27 (May 6)