Mexican steelmaker Industrias CH (ICH) saw its net profit in Q1 increase 41 percent, year-on-year, to MXN 1.05 billion ($52.6 million), the company said while releasing its quarterly results.
Net revenues in the first quarter of the year totaled MXN 9.07 billion ($474.5 million), 3 percent up, year-on-year. However, steel sales volumes in Q1 decreased 3 percent, year-on-year, to 610,000 mt.
Gross revenue in Q1 dropped 2 percent, year-on-year, to MXN 1.75 billion ($92.6 million), on an increasing cost of sales of 4 percent in Q1, year-on-year. EBITDA in Q1 was MXN 1.68 billion ($88.5 million), 6 percent down, year-on-year.