Grupo Collado, one of the largest steel service and transformation centers in Mexico, recorded net losses of MXN 14.5 million ($0.8 million) in the second quarter (Q2) of the year, a figure that contrasted with net income equivalent to $5.0 million in the same period last year, according to the company's financial statements reviewed by SteelOrbis.
Collado's net losses were primarily driven by a net foreign exchange loss of $3.2 million in the second quarter. A figure that contrasted with an exchange gain of $1.0 million in the April-June period of last year.
The company's sales totaled $148.7 million in the quarter, 2.7 percent less than the second quarter of last year. The percentage variation is measured in pesos.
Operating income was $7.1 million and net financial expense was $7.8 million. Net financial expenses increased 214.1 percent compared to the second quarter of the previous year.
In the first half of the year, Collado accumulated a net income of $1.3 million, 86.7 percent less than the $9.8 million net income in the first half of 2023.
In the first half, export sales contributed 32.5 percent of the $288.7 million in total sales.