Mexico’s steelmaker Industrias CH (ICH) reverted a MXN 454.66 million ($25.4 million) net loss in Q4 2014 and posted a net profit of MXN 354.85 million ($19.8 million) in Q4, the company said in a document filing at the nation’s stock exchange, Bolsa Mexicana de Valores (BMV).
Despite seeing revenues decline 13.6 percent in Q4, year-on-year, to MXN 6.3 billion ($351.98 million), ICH managed to diminish cost of sales in Q4 by 22 percent, year-on-year. The diminished cost of sales weighed on the company’s quarterly results, generating a gross profit of MXN 672.15 million ($37.5 million) in Q4 2015. In Q4 2014, gross profit was MXN 60.8 million ($3.4 million).
ICH said sales volumes in Q4 declined 12 percent, year-on-year, to 534,000 mt.
EBITDA in Q4 rose 105 percent, year-on-year, to MXN 613 million thanks to the lower cost of feedstock as well as lower administrative and sales costs.
As for the company’s full-year results, net profit in 2015 was MXN 654.69 million, 29.6 percent down from MXN 929.67 million in 2014.