Chilean steelmaker and iron ore miner CAP SA reported Friday net profit of $138 million in Q2, a 61.4 percent decline from Q2 2010.
However, the decline was due to higher revenues of $357 million in Q2 2010 due to a mining merger with Japan's Mitsubishi Corporation-in comparing Q2 2010 profits not taking the merger into account, CAP SA's profits in Q2 2011 were actually up 117 percent year-on-year.
Revenue was up 48 percent in Q2 2011 to $677 million, up from $459 million in the same period last year.