Grupo Simec reports increased sales revenues in Q2 2010

On July 28, Mexican steelmaker Grupo Simec, S.A.B. de C.V. issued its financial results for the second quarter of 2010.
 
According to the financial results, the net profit of the company was Pesos 342 million ($27.1 million) in the second quarter of 2010, compared with a net profit of Pesos 86 million in the second quarter of 2009, increasing 297 percent, and compared with Pesos 577 million in the first quarter of 2010, decreasing 41 percent.
 
Sales revenues in the second quarter of 2010 saw an increase of 52 percent year on year, rising from Pesos 4.2 billion in the same period of the previous year to Pesos 6.4 billion ($507 million). The sales result was almost the same as in the previous quarter.
 
The EBITDA of Grupo Simec was Pesos 629 million ($49.8 million) in the second quarter of 2010, compared with an EBITDA of Pesos 632 million in the second quarter of 2009, indicating a negligible decrease, and compared with an EBITDA of Pesos 870 million in the first quarter of 2010, decreasing 29 percent.