Peruvian steelmaker Aceros Arequipa saw its net profit in Q1 decline 11.3 percent, year-on-year, to PEN 39 million ($11.3 million), the company said while releasing its quarterly results.
Despite halting operations in mid-March due to a nationwide lockdown in Peru, Aceros Arequipa said its good performance in January and February helped it offset the negative impacts of Covid-19 in early March.
Aceros Arequipa said net revenues in Q1 reached PEN 555 million ($161.4 million), 14 percent down, year-on-year, and 18.1 percent down, quarter-on-quarter, due to lower steel sales volumes.
The Peruvian steelmaker said gross profit in Q1 was PEN 99 million ($28.7 million), 2.9 percent up, year-on-year. Gross margin in Q1 this year rose to 18 percent, from 15 percent in Q1 2019.
Aceros Arequipa said EBITDA in Q1 grew 2 percent, year-on-year, to PEN 86 million ($25.1 million). EBITDA margin in Q1 was 15 percent, up from 13 percent in Q1 2019.
USD = PEN 3.44 (May 13)