Grupo Simec announced today its results of operations for the third quarter and the nine-month period ended September 30, 2017.
The company recorded a net income of MXN 737 million ($38.5 million) in the third quarter of 2017 compared to a net income of MXN 614 million ($32.0 million) for the second quarter of 2017 and a net loss of MXN 1.46 billion ($76.2 million) for the same period of 2016.
Net sales of the company decreased from MXN 7.16 billion ($370 million) during the second quarter of 2017 to MXN 6.81 billion ($360 million) in the third quarter of 2017. On a year-on-year basis, net sales increased 2 percent in the third quarter of 2017 compared to the same quarter of 2016.
The company recorded a net income of MXN 2.03 billion for the first nine months of 2017, a decrease of 52 percent compared to the same period of 2016.
Net sales of the company increased to MXN 21.8 billion ($1.14 billion) in the first nine months of 2017 from MXN 19.5 billion ($1.02 billion) in the first nine months of 2016. Shipments of finished steel products decreased 1 percent to 1.62 million tons in the first nine months of 2017 compared to 1.63 million tons in the first nine months of 2016.
USD = MXN 19.17 (October 24)