Aceros Arequipa, one of Peru’s largest steelmakers, saw its net profit in Q1 increase to PEN 52 million ($15.8 million) from PEN 18 million ($5.4 million) in the same quarter of the year prior, the company said, while releasing its quarterly results.
The company attributed the increased net profit to a stronger gross profit, which reached PEN 115 million ($34.9 million) in Q1, and was 100 percent up, year-on-year.
Aceros Arequipa said net revenues in Q1 totaled PEN 657 million ($199.7 million), 18 percent up, year-on-year, and 4 percent up, quarter-on-quarter, due to increased steel selling prices.
The steelmaker’s gross margin in Q1 rose to 17 percent from 10 percent in Q1 2016, while EBITDA in the first quarter of the year totaled PEN 97 million ($29.4 million), 151 percent up, year-on-year.
USD = PEN 3.28 (May 9)