Grupo Simec sees net profit rise in Q2

Wednesday, 29 July 2020 23:49:16 (GMT+3)   |   Sao Paulo

Mexican steelmaker Grupo Simec saw its net profit in Q2 rise 45 percent, year-on-year, to MXN 546 million ($24.9 million), despite Covid-19, the company said while releasing its quarterly results.

Grupo Simec said net revenues in Q2 fell 16 percent, year-on-year, to MXN 7.59 billion ($346.3 million). Steel sales volumes in Q2 declined 9 percent, year-on-year, to 540,000 mt.

The company attributed the decreased revenues and steel sales volumes in Q2 to weaker average steel selling prices and reduced volumes sold.

Grupo Simec said EBITDA in Q2 was MXN 1.32 billion ($60.4 million), 12 percent up, year-on-year.

USD = MXN 21.98 (July 29)

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