Siderar reports Pesos 130.5 million net profit

Siderar reports Pesos 130.5 million net profit

Argentinian steelmaker Siderar reported a net profit of Pesos 130.5 million (approx. $45.7 million) for the third quarter of 2003 with a 152.4% increase compared to the same period last year. The increase seen in net profit is in relation with financial expenses which fell from Pesos 114.4 million to Pesos 15.4 million. Net sales increased by 2.4% and reached to Pesos 702.9 million in the third quarter. However, gross profit dropped by 9.3% to Pesos 258 million as a result of high raw material costs. Company sold 594'100 tons of steel with an increase of 12.5% while exports decreased by 21.8% to 268'500 tons.