Mexican steelmaker Grupo Simec saw its net profit in Q2 decline 45 percent, year-on-year, to MXN 377 million ($19.7 million), the company said this week.
Grupo Simec said net revenue in Q2 was MXN 9.02 billion ($473.4 million), 1 percent down, year-on-year. Steel sales volumes in Q2 reached 592,000 mt, 10 percent up, year-on-year. The company attributed the decreased net revenues to lower steel selling prices on higher steel sales volumes.
Gross profit in Q2 fell 13 percent, year-on-year, to MXN 1.19 billion ($62.9 million).
The company said net profit in the first half (H1) of the year dropped 52 percent, year-on-year, to MXN 803 million ($42.1 million).
USD = MXN 19.07 (July 25)