Mexican Minera Autlán posted net income of $4.3 million in the third quarter of the year, a figure that contrasts with losses of $9.8 million in the same period last year. The profits were recorded due to cost control and EBITDA grew by 67 percent, according to the company's financial statements reviewed by SteelOrbis.
In the third quarter of the year, its total sales increased by 3.8 percent to $89.6 million, amid better prices for manganese ferroalloys and higher sales volumes of manganese nodules. The company’s gross profit increased by 63.5 percent to $18.7 million.
Operating expenses also decreased by 5.7 percent. Thus, Autlán reversed an operating loss of $5.5 million in the third quarter of last year to an operating profit of $2.7 million in the third quarter of the current year.
EBITDA increased 67.0 percent to $10.4 million. The EBITDA margin increased by 440 basis points from 7.2 percent in the third quarter of last year to 11.6 percent in the reported period.