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.