Peru’s only iron ore producer, Shougang Hierro Peru, posted a PEN 109.90 million ($31.3 million) net loss in Q4, reverting a PEN 54.4 million ($15.5 million) net profit registered in the same quarter of the year prior.
Shougang ended 2015 with a PEN 74.8 million ($21.3 million) net profit, 83.3 percent down year-on-year from PEN 450.6 million ($128.6 million).
The iron ore producer attributed the sharp decline in the full-year results to lower global prices for the commodity and losses related to foreign currency. A 12-day strike in May as well as a 16-day stoppage of work between September and October also negatively impacted Shougang’s full-year results in 2015, according to a company statement.
The iron ore producer said revenues in Q4 declined 30.9 percent, year-on-year, to PEN 225 million ($64.2 million). Gross revenue in the period totaled PEN 15.1 million ($4.31 million), 86.5 percent down, year-on-year, when compared to the PEN 111.9 million ($31.9 million) gross profit seen in the same quarter of the year prior.