Shougang Hierro Peru, Peru’s only iron ore producer, saw its net profit in Q1 decline to PEN 109 million ($33.1 million) from PEN 197.4 million ($60 million) in the same quarter of the year prior, the company said while releasing its quarterly results.
The company said net revenues in Q1 totaled PEN 402.1 million ($122.2 million), nearly 20 percent down, year-on-year.
Iron ore shipments in Q1 reached 4.4 million mt, 27.7 percent up, year-on-year.
Shougang Hierro Peru said cost of sales in Q1 was PEN 202.8 million ($61.6 million), 4.7 percent up, year-on-year.
USD = PEN 3.28 (May 10)