Peru’s only iron ore producer, Shougang Hierro Peru, reverted a PEN 18 million ($5.5 million) net loss in Q3 2016 and posted a PEN 80.4 million ($24.8 million) net profit in Q3 2017.
The company said net profit in the first nine months of the year, from January to September, rose to PEN 363.2 million ($112 million), from PEN 128 million ($39.5 million) in the same period of the year prior.
Shougang Hierro Peru said net revenues in Q3 increased 28.1 percent, year-on-year, to PEN 354.9 million ($109.5 million).
Cost of products sold declined 4.7 percent in Q3, year-on-year, helping the company achieve an increased gross profit of PEN 199.6 million ($61.6 million) in Q3. When compared to the same quarter of 2016, gross profit in Q3 grew nearly 75 percent, year-on-year.
USD = PEN 3.24 (November 13)