Mexican steel producer Industrias CH (ICH) saw its net profit in Q2 decline 65 percent, year-on-year, to MXN 687 million ($38.8 million), the company said, while releasing its quarterly results.
ICH attributed the decreased profit to an appreciated Mexican peso (MXN) over the USD, as well as to higher selling costs and diminished steel sales volumes.
ICH said net revenues in Q2 rose 11 percent, year-on-year, to MXN 8.1 billion ($457.5 million). Steel sales volumes in Q2 dropped 5 percent, year-on-year, to 597,000 mt. Cost of sales rose 19 percent in Q2, year-on-year, to MXN 6.8 billion ($384.1 million).
ICH said EBITDA in Q2 fell to MXN 1.3 billion ($73.4 million), 19 percent down, year-on-year.
USD = MXN 17.7 (July 24)