Peru’s key iron ore producer, Shougang Hierro Peru, went from a net loss of PEN 81.78 million ($20.12 million) in Q2 2020 to post a net profit of PEN 1.22 billion ($300.4 million) in Q2 this year, the company said while releasing its quarterly results.
Net revenues in Q2 this year spiked to PEN 2.44 billion ($601.4 million), from PEN 205.1 million ($50.45 million) in the same quarter of the year prior. Gross profit in Q2 this year was PEN 1.87 billion ($461.41 million), up from a gross loss of PEN 51.60 million ($12.7 million) in Q2 2020.
As for H1, Shougang Hierro Peru reported a net profit of PEN 2.28 billion ($562.31 million), up from PEN 116.2 million ($28.6 million).
The company saw its iron ore output affected in Q2 2020 due to a nationwide lockdown imposed by the government, which started to be lifted by mid-May.
USD = PEN 4.06 (August 2)