Mexican steel service center Grupo Collado saw its net profit surge from MXN 244,000 ($13,022) in Q1 2016 to MXN 130.3 million ($6.95 million) in Q1 this year, the company said while releasing its quarterly results.
The company said net revenues in Q1 rose 49.6 percent, year-on-year, to MXN 2.10 billion ($112.07 million).
The company’s gross profit in Q1 was MXN 455.8 million ($23.3 million), up 65 percent year-on-year, while operating profit jumped 292.4 percent in Q1, year-on-year, to MXN 145.2 million ($7.74 million).
Grupo Collado’s EBITDA was MXN 163.6 million ($8.73 million) thanks to increased revenues and improved selling prices.