Usiminas posts net loss in Q3

Friday, 25 October 2019 21:08:44 (GMT+3)   |   Sao Paulo

Brazilian flats steelmaker Usiminas went from a net profit of BRL 289 million in Q3 2018 to post a net loss of BRL 139 million ($34.7 million) in Q3 2019, the company said on Friday, while releasing its quarterly results. Usiminas was the second Brazilian steelmaker this week, after Companhia Siderurgica Nacional (CSN), to go from a net profit to report a net loss in Q3.

Usiminas said net revenues slightly declined to BRL 3.85 billion ($962.1 million) in Q3 this year, from BRL 3.86 billion ($965.1 million) in the same quarter of the year prior.

Steel sales volumes in Q3 declined 7 percent, year-on-year, and 2 percent, quarter-on-quarter, to 1.03 million mt.

On the other hand, Usiminas iron ore sales volumes in Q3 2019 rose 39 percent, year-on-year, and 38 percent, quarter-on-quarter, to 2.45 million mt, the flats producer said.

Usiminas reported a gross profit of BRL 476 million ($118.9 million) in Q3 2019, 26 percent down, year-on-year, and 22 percent down, quarter-on-quarter.

The company’s adjusted EBITDA margin in Q3 this year was 11 percent, down from 18 percent in Q3 2018. Adjusted EBITDA in Q3 this year reached BRL 441 million ($110.1 million), down from BRL 703 million in Q3 2018.

USD = BRL 4.00 (October 25)



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