Mexico’s Grupo Simec reported a MXN 412 million net profit in Q2, 4 percent down, year-on-year. The company’s Q2 result is also 6.5 percent lower when compared to the MXN 441 million profit registered in Q1.
According to the company, net sales in Q2 totaled MXN 6.3 billion, 5 percent down, year-on-year. Sales of finished steel in the same period rose 1.6 percent, year-on-year, from 536,000 in Q2 2014 to 545,000 mt in Q2, it said.
Outside Mexico, sales in Q2 declined 20.6 percent, year-on-year, from MXN 3.4 billion to MXN 2.7 billion. Mexican sales improved 12 percent, year-on-year, to MXN 3.5 billion. Grupo Simec attributed the decline in total sales in Q2 due to “a decrease in the average sales price of 6 percent”, as well as to “an increase in the volume of shipments of approximately of 9,000/mt.”
The company’s cost of sales in Q2 diminished 9.31 percent, year-on-year, to MXN 5.4 billion, while gross profit in the period rose 40.2 percent, year-on-year, to MXN 853 million.
Simec’s Q2 EBITDA totaled MXN 782 million, a 34.3 percent increase, year-on-year.
1 US$ = MXN 16.26 (July 24)