Mexico’s ICH sees profit surge in Q1

Mexico’s ICH sees profit surge in Q1

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Mexican steelmaker Industrias CH (ICH) said net profit in Q1 surged 324 percent, year-on-year, to MXN 2.24 billion ($92 million).

Net revenues in Q1 declined 8 percent, year-on-year, to MXN 9.58 billion ($393.6 million). Steel sales volumes in Q1 totaled 702,000 mt, 8.1 percent up, year-on-year, from 649,000 mt.

Despite the decreased year-on-year revenues, ICH said gross profit in Q1 reached MXN 1.72 billion ($70.9 million), 35 percent up, year-on-year.

The company said EBITDA in Q1 rose 29 percent, year-on-year, to MXN 1.70 billion ($70.1 million).

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