Peruvian steelmaker Aceros Arequipa saw its net profit in Q2 this year rise to PEN 36 million ($11 million) from PEN 12 million ($3.6 million), thanks to an increased gross profit, the company said this week.
Net revenues in Q2 improved 24 percent, year-on-year, to PEN 656 million ($200.5 million), due to higher steel selling prices. Cost of sales in Q2 grew to PEN 555.9 million ($170 million), from PEN 471.1 million ($144.04 million) in the same quarter of the year prior.
Gross profit in Q2 was PEN 100 million ($30.5 million), 76 percent up, year-on-year. Aceros Arequipa said gross margin in Q2 increased to 15 percent, from 11 percent in Q2 2017.
USD = PEN 3.27 (July 27)