Mexican long steel producer Simec saw its net profit in Q2 surge 330 percent, year-on-year, to MXN 1.77 billion ($95.1 million), the steelmaker said late this week, while releasing its quarterly results.
Net revenues in Q2 rose 6.5 percent, year-on-year, and 10.5 percent, quarter-on-quarter, to MXN 6.72 billion. Cost of sales in Q2 diminished 3 percent, year-on-year, but rose 3 percent, quarter-on-quarter, to MXN 5.30 billion. Gross profit in Q2 was MXN 1.44 billion, 69 percent up, year-on-year, and 53 percent, quarter-on-quarter.
Simec said EBITDA in Q2 rose 103 percent, year-on-year, and 79 percent, quarter-on-quarter, to MXN 1.58 billion.
1 USD = MXN 18.61 (July 22)