Mexico’s manganese and ferroalloys producer Minera Autlan continued in the red by increasing its net loss from $274,000 in Q1 2015 to $3.9 million in Q1 this year, according to a company’s filing at the nation’s stock exchange, Bolsa Mexicana de Valores (BMV).
The company attributed the increased net loss to declined ferroalloys and manganese prices in the global market.
Autlan’s net sales in Q1 declined 37.2 percent, year-on-year, to $49.1 million, due to lower ferroalloys and manganese prices, it said.
The company’s EBITDA in Q1 was nearly $7 million, 53.5 percent down, year-on-year.
As for 2016, Minera Autlan said it expects a “complex” year, characterized by the weakness of the major economies, as well as by uncertainty and financial volatility.