Peru’s only iron ore producer Shougang Hierro Peru saw both its revenues and net profit rise in Q1, the company announced.
The company said net profit in Q1 was PEN 197.4 million ($60.1 million), 210.2 percent up, year-on-year, attributed mainly to increased revenues and gross profit.
Shougang Hierro Peru also said the increase of iron prices positively influenced the company’s Q1 results.
The company said net revenues in Q1 rose 86.3 percent, year-on-year, to PEN 499 million ($152 million).
Cost of sales rose 8.1 percent in Q1, year-on-year, to PEN 193.5 million (nearly $59 million), while gross profit more than tripled from PEN 89 million ($27.1 million) in Q1 2016 to PEN 305.7 million ($93.2 million).