Mexico’s ICH swings from net loss to net profit in Q4 2020

Monday, 22 February 2021 20:32:27 (GMT+3)   |   Sao Paulo

Mexican steelmaker Industrias CH (ICH) went from a net loss of MXN 3.24 billion ($156.7 million) in Q4 2019 to post a net profit of MXN 784 million ($37.9 million) in Q4 2020, the company said while releasing its quarterly results.

The company attributed the stronger results to higher steel sales volumes and lower tax provisions in Q4 2020 when compared to the same quarter of the year prior.

The company also said its EBITDA in Q4 2020 surged 1,178 percent, year-over-year, to MXN 2.23 billion ($108.2 million). ICH said higher steel sales volumes, stronger average steel selling prices and reduced operating costs helped the company achieved such stronger results.

ICH said net revenues in Q4 2020 totaled MXN 11.31 billion ($547.6 million), 36 percent up, year-over-year. Steel sales volumes in Q4 2020 rose 7 percent, year-over-year, to 689,000 mt.

Most Recent Related Articles

AHMSA posts net loss in full-year 2020

Ternium expects higher EBITDA in Q1

Mexico’s Minera Autlan posts net loss in Q4 2020

Ternium posts increased revenues for Mexico and Southern region

AHMSA provisionally resumes activities