Shougang Hierro Peru, Peru’s only iron ore producer, saw its net profit in Q2 rise 3.6 percent, year-on-year, to PEN 85.3 million ($26.3 million), the company said this week while releasing its quarterly results.
Net revenues in Q2 totaled PEN 330.6 million ($101.9 million), 5.3 percent up, year-on-year.
Cost of products sold in Q2 fell to PEN 159 million ($49.02 million), from PEN 196.3 million ($60.5 million) in Q2 2016.
Gross profit in Q2 was PEN 171.6 million ($52.9 million), up from PEN 117.5 million ($36.2 million) in the same quarter of the year prior.
Shougang Hierro Peru said increased iron ore prices helped it achieve better Q2 and H1 results.
As for half-year results, the company posted a PEN 282.8 million ($87.2 million) net profit in H1, 93.6 percent up, year-on-year.
USD = PEN 3.24 (July 27)