Peruvian iron ore producer Shougang Hierro Peru (SHP) posted a net profit of PEN 1.483 billion ($383,224) for the January-September period of 2023, 19.3 percent less on yearly basis.
Net sales in the period declined by 6.7 percent to PEN 4.606 billion, production costs increased by 10.6 percent to 2.234 billion, gross profit declined by 18.6 percent to 2.372 billion, and operational profit declined by 19.5 percent to 2.190 billion.
The company ascribes the reduced profit to lower iron ore prices during the first nine months of 2023. During the period, the company sold 14.08 million mt of iron ore, 7.6 percent more on yearly basis.
During the third quarter of 2023, the company has made investments of $153 million, covering replacement of equipment in the mine, development of the mine, optimization of production processes and infrastructure improvements.
USD = PEN 3.87 (October 27)
