Brazilian long steel producer Siderurgica Norte Brasil, Sinobras, reverted a BRL 25.7 million ($7.1 million) net profit in 2014 and posted a BRL 68.6 million ($19.1 million) net loss in fiscal year 2015, the company said on Wednesday in a filing at the nation’s securities exchange commission, CVM.
According to the steelmaker, net revenues in 2015 rose nearly 5 percent, year-on-year, to BRL 897.6 million.
Gross profit in FY15 was BRL 170.8 million, 21.7 percent down, year-on-year, impacted by a higher cost of products sold.
Cost of products sold in 2015 rose to BRL 726.8 million from BRL 638.1 million in the year prior.
1 USD= BRL 3.59 (June 1)