Peruvian iron ore producer Shougang Hierro Peru said net profit in Q3 this year remained relatively stable at PEN 80.1 million ($23.8 million), a slight decline from PEN 80.4 million ($23.9 million) in the same quarter of the year prior.
The company said net revenues in Q3 was PEN 329.2 million ($97.7 million), 7.2 percent down, year-on-year. Cost of sales in Q3 rose to PEN 185.3 million ($54.9 million), from PEN 155.2 million ($46.0 million) in Q3 2017. As a result, gross profit in Q3 was PEN 143.8 million ($42.7 million), 27.9 percent down, year-on-year.
Despite the declined revenues and increased cost of sales, Shougang Hierro Peru managed to reduce financial expenses from PEN 4.5 million ($1.3 million) in Q3 2017 to PEN 451,000 ($133,800) in Q3 this year, as well as tax-related expenses, which fell to PEN 18.9 million ($5.6 million) in Q3, from PEN 56.1 million ($16.6 million) in Q3 2017.
USD = PEN 3.37 (November 9)