Mexico’s Grupo Simec sees profit drop 56 percent in Q1

Monday, 06 May 2019 00:09:55 (GMT+3)   |   Sao Paulo

Mexican long steel producer Grupo Simec said net profit in Q1 dropped 56 percent, year-on-year, to MXN 425 million ($22.3 million).

Net revenues in Q1 totaled MXN 9.50 billion ($500.7 million), 20 percent up, year-on-year. Grupo Simec attributed the stronger net revenues to higher average steel selling prices.

Steel sales volumes in Q1 rose 12 percent, year-on-year, 591,000 mt. EBITDA in Q1 was MXN 1.12 billion ($59.3 million), 29 percent down, year-on-year.

USD = MXN 18.98 (May 6)

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