Guadalajara, Mexico-based steelmaker Grupo Simec, S.A.B. de C.V. announced financial results for the three-month period ended March 31, 2018.
Net income in Q1 increased 38 percent to MXN 719 million ($38.4 million) in the first quarter of 2018 from MXN 992 million ($52.9 million) in the same period of previous year, and compared with MXN 461 million ($24.6 million) in Q4 2017.
Net sales of the company passed from MXN 7.92 billion ($422.7 million) in the first quarter of 2017 to MXN 7.95 billion ($424.1 million) in the same period of 2018. The net sales of the company increased 17 percent comparing MXN 6.81 billion ($363.2 million) in the fourth quarter of 2017.
Shipments of steel finished goods decreased 6 percent from 563,000 tons in the first quarter of 2017 compared to 530,000 tons in the same period of 2018. Total sales outside of Mexico in the first quarter of 2018 decreased 11 percent to reach MXN 3.31 million ($176.4 million) compared to MXN 3.70 billion ($197.6 million) in the same period of 2017.
Mexican sales increased 10 percent from MXN 4.22 billion ($225.1 million) in the first quarter of 2017 to MXN 4.64 billion ($247.7 million) in the same period of 2018. In a press release, the company said the stability in sales can be explained due to a lower volume shipped in 6 percent compared with the same period of 2017. The average sales price per ton of steel finished goods increased 7 percent in the first quarter of 2018 compared with the same period of 2017.
USD = MXN 18.74 (April 30)