Grupo Simec reports lower net income for 2017, net loss for Q4

Tuesday, 27 February 2018 20:33:27 (GMT+3)   |   San Diego
       

Mexican steelmaker Grupo Simec announced today its results of operations for the 12-month period ended December 31, 2017.

Net sales increased 4 percent by the combination of higher shipments of finished steel products and a higher average sales price by 4 percent compared the same period of 2016, the sales increased from MXN 27.5 billion ($1.46 billion) in the twelve-month period ended December 31, 2016 to MXN 28.7 billion ($1.53 billion) in the same period of 2017.

Shipments of finished steel products practically remained to 2,093,000 mt in the 12-month period ended December 31, 2017 compared to 2,085,000 mt in the same period of 2016.

Total sales outside of Mexico on the 12-month period ended December 31, 2017 increased 6 percent to MXN 12.7 billion ($680 million). Total sales in Mexico increased 3 percent to MXN 16.0 billion ($850 million) in 2017. 

The company’s net income decreased by 72 percent to MXN 1.19 billion ($60 million) in 2017. 

On a quarterly analysis, Grupo Simec’s net sales decreased slightly to MXN 6.8 billion ($360 million) for the fourth quarter of 2017. Sales in tons decreased from 533,000 mt in the third quarter of 2017 to 476,000 mt in the fourth quarter of the same period, a decrease of 11 percent.

Total sales outside of Mexico for the fourth quarter of 2017 increased 4 percent to MXN 2.9 billion ($150 million) in the fourth quarter of 2017. Sales in Mexico decreased to MXN 3.8 billion ($200 million) in the fourth quarter of 2017, a decrease of 3 percent compared to the third quarter. Prices of finished products sold in the fourth quarter of 2017 increased 12 percent compared with the third quarter of the same period.

For the fourth quarter, the company reported a net loss of MXN 984 million ($52.35 million), compared to net income of MXN 850 million ($45.22 million) in the third quarter of 2017.

USD = MXN 18.8 (February 27)


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