Mexican steel service center Grupo Collado went from a net loss of MXN 19.3 million ($936,893) in Q4 2019 to post a net profit of MXN 21.9 million ($1.06 million) in Q4 2020.
As for the full-year of 2020, Grupo Collado reported a net profit of MXN 120.3 million ($5.8 million), as compared to the net loss of MXN 16.9 million ($818,005) it posted in full-year 2019.
Grupo Collado attributed the increase results in Q4 2020 to higher revenues, stronger margins, a positive currency exchange rate and reduced expenses.
Net revenues in Q4 2020 reached MXN 2.08 billion ($100.6 million), 13.7 percent up, year-over-year. Gross profit in Q4 2020 was MXN 430 million ($20.8 million), 45.6 percent up, year-over-year.
USD = MXN 20.66 (March 11)