The Peruvian steel producer Corporacion Aceros Arequipa posted a net profit of PEN 58 million ($15.47 million) for Q1 2024, against PEN 40 million in for Q1 2023.
Net sales declined by 8.18 percent to PEN 1.044 billion, while gross profit increased by 6.56 percent to PEN 146 million, and the operational profit increased by 5.88 percent to PEN 90 million.
According to the company, the improved results ultimately reflect a combination of a higher operational profit, better results of subsidiaries and lower financial expenses, the latter reflecting reduction of inventories and lower interest rates paid in the domestic currency.
USD = PEN 3.75 (April 26)
