Chilean iron ore and steel producer Grupo CAP has posted a net profit of $4.0 million for Q3 2023, reversing a net loss incurred during the same quarter of 2022.
Under the same comparative basis, net sales increased by 6 percent to $650.2 million, the gross profit increased by 102 percent to $136.3 million and the EBITDA increased by 63 percent to $179.5 million.
The company ascribes the improved result in Q3 to the higher iron ore prices, coupled with an improved performance of its steel solutions division.
Considering the first nine months of 2023, the company suffered a net loss of $163 million, against a net profit of $208 million during the same period in 2022.
Such net loss reflects chiefly net losses of its steel producer Siderurgica Huachipato (-$331.7 million) and steel solutions (-$12.6 million), while its iron ore and infrastructure divisions had net profits of $214.6 million and 16.6 million, respectively.
According to the company, such values are not including eliminations by intercompany transactions.
During the first nine months of 2023, Grupo Cap sold 11.5 million mt of iron ore and 523,000 mt of steel products.