Brazil’s largest steelmaker Gerdau saw its net profit decline 30.6 percent in Q2, year-on-year, to BRL 184 million, the company said on Wednesday while releasing its quarterly results.
Net revenues in Q2 fell 4.7 percent, year-on-year, to BRL 10.2 billion, thanks to lower sales volumes at its Brazil and specialty steel businesses, it said.
Sales volumes in Q2 totaled 4.2 million mt, 0.7 percent down, year-on-year, while crude steel production in the same quarter decreased 2.9 percent, year-on-year, to 4.3 million.
Gerdau said cost of sales in Q2 diminished 4.3 percent, year-on-year, to BRL 9.1 billion.
Adjusted EBITDA in Q2 was BRL 1.2 billion, 0.8 percent up, year-on-year, while gross margin in Q2 was 10.6 percent, down from 11 percent in the same quarter of the year prior. EBITDA margin in Q2 rose to 11.7 percent from 11.1 percent in Q2 2015.
1 USD = BRL 3.13 (August 10)