Shougang Hierro Peru posts net loss in Q2

Wednesday, 30 September 2020 22:35:55 (GMT+3)   |   Sao Paulo

Peruvian iron ore producer Shougang Hierro Peru went from a net profit of PEN 304.4 million ($84.5 million) in Q2 2019 to post a net loss of PEN 81.7 million ($22.7 million) in Q2 2020, the company said.

Shougang Hierro Peru is the nation’s key iron ore producer and was the last Peruvian-listed company to report its quarterly results.

The company said net revenues in Q2 this year dropped 67.3 percent, year-over-year, to PEN 205.1 million ($56.9 million), as Peru declared a nation-wide lockdown on March 16, which ended in June. Shougang Hierro Peru did not produce iron ore in April and May, as reported by SteelOrbis.

The company said net profit in H1 2020 fell to PEN 116.2 million ($32.3 million) from PEN 487.3 million ($135.3 million) in H1 2019.

USD = PEN 3.60 (September 30)

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