Chilean iron ore and steel producer Grupo CAP achieved a net profit of $215.5 million in the first half of 2022, against $531.3 million in the same period of 2021.
According to the company, the reduced profit reflects lower margins for all its business areas, due not only to lower prices in line with declining international prices of commodities, but also production costs that were impacted by inflationary pressures.
Under the same comparative basis, net sales declined by 25.8 percent to $1.55 billion, while the gross profit declined by 57.1 percent to $524.6 million.
In the mining area, Compania Minera del Pacifico (CMP), net profit reached $295.6 million, against $695.0 million previously, with iron ore production reaching respectively 7.4 million mt and 7.6 million mt.
In the steel production area, Compania Siderurgica Huachipato (CSP), there was a net loss of $9.1 million, against a net loss of $1.5 million previously.
In the other areas of the group, steel processing achieved a net profit of $6.1 million while in the infrastructure area the net profit was $10.8 million.