Mexican steelmaker Industrias CH (ICH) reported that net profit in Q3 dropped 46 percent, year-on-year, to MXN 929 million ($48.4 million), the company said while releasing its quarterly results.
The company attributed the weaker net profit to higher operating expenses, lower average steel selling prices and a weaker Mexican peso (MXN) currency.
ICH said EBITDA in Q3 was MXN 1.31 billion ($68.2 million), 20 percent down, year-on-year. Net revenues in Q3 decrease 20 percent, year-on-year, to MXN 9.06 billion ($472.2 million). Steel sales volumes in Q3 reached 648,000 mt, 3 percent up, year-on-year. Average steel selling prices in Q3 fell 22 percent, year-on-year.
USD = MXN 19.19 (November 4)