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Minera Autlán's net loss increases to $12.7 million in Q1

Friday, 03 May 2024 09:31:14 (GMT+3)   |   San Diego
       

The Mexican Minera Autlán recorded net losses of $12.7 million in the first quarter of the year, a figure that represented an increase of 1.9 percent compared to the same period last year. In the last five quarters, it presented net losses in four, according to the company's financial statements reviewed by SteelOrbis.

Autlán, a supplier of inputs to the global steel industry, said that in Mexico steel production decreased 3.0 percent, mainly due to the import of finished steel products, lower steel exports and a strong local currency.

In that scenario, it reported that its first quarter sales decreased 34.4 percent or $39.8 million, totaling $76.1 million. The decline was motivated by falling prices and lower demand.

The operating profit of $1.5 million in the first quarter of last year turned into an operating loss of $466,000 in the January-March period of this year. EBITDA decreased 47.9 percent, going from $13.5 million in the first quarter of 2023 to $7.0 million in the first quarter of 2024.

In the last five quarters, net losses were recorded in the first quarter of 2023 of $12.4 million, in the second quarter of 2024 of $19.4 million, in the third quarter of 2023 of $9.8 million and in the first quarter of the current year of $12.7 million. In the fourth quarter of 2023 Autlán recorded a net profit of $2.6 million.

The company expects a better outlook for 2024 because steel production is forecasted to grow by 5 percent in the US , due to investment programs in infrastructure and protective measures on steel imports.

“This scenario presents an opportunity for Autlán, since an increase in demand for manganese ferroalloys is anticipated in the region. At the same time, although the price outlook for manganese ferroalloys remain stable, there is the possibility that prices will be favorable in the US and domestic market,” the company informed the stock markets in its financial report last week.


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