Aceros Arequipa, one of Peru’s largest steelmakers, posted a net profit of PEN 170 million ($43.3 million) in Q2 this year, compared to a net loss of PEN 38 million in Q2 2020.
The company attributed the improved result to a higher gross profit, which reached PEN 301 million ($76.6 million) in Q2 this year, up from a gross loss of PEN 10 million ($2.5 million) in Q2 2020.
Aceros Arequipa said gross margin in Q2 this year rose to 26.8 percent from a negative gross margin of 4.9 percent in Q2 2020. Net revenues in Q2 rose 440 percent, year-over-year, to PEN 1.12 billion ($286.3 million). Aceros Arequipa blamed Peru’s extensive lock down in Q2 2020.
USD = PEN 3.93 (July 28)