Mexican steelmaker Grupo Simec went from a MXN 3.5 billion net loss in Q4 2015 to a MXN 1.1 billion net profit ($60 million) in Q4 2016, the company announced, while releasing its quarterly results.
According to Simec, net revenues in Q4 rose 24 percent, year-on-year, to MXN 6.1 billion ($310 million), while cost of sales dropped 37 percent in the same period to MXN 5.1 billion ($260 million).
Special profiles sales volumes in Q4 reached 187,000 mt, down from 196,000 mt in the same quarter of the year prior. Commercial profiles sales volumes in Q4 rose to 247,000 mt, up from 162,000 mt in Q4 2015.
As for the fiscal year of 2016 (FY2016) Simec posted a MXN 5.3 billion ($270 million) net profit, up from the MXN 3.2 billion ($160 million) net loss it posted in the fiscal year of 2015.
1 USD = 19.91 MXN (February 27)