Steelmaker Ternium reports 19% drop in Q2 net profit as costs grow
2022.08.03 01:42
FILE PHOTO: The logo of the steelmaker Ternium, who turned a gym into a centre to receive patients suffering from the coronavirus disease (COVID-19), is pictured outside its plant, in Monterrey, Mexico April 11, 2020. REUTERS/Daniel Becerril
MEXICO CITY (Reuters) -Steel producer Ternium reported on Tuesday a 19% drop in its second-quarter net profit from the year-ago period, as the costs of sales and expenses grew.
The company’s net profit reached $936 million.
Costs of sales hit $3.1 billion, up from the $2.4 billion in the previous year.
Ternium, which operates in Mexico, Brazil, Argentina, Colombia, the United States and Central America, posted a revenue of $4.4 billion, a 13% increase, as steel prices rose.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the three months through June climbed to $1.2 billion, down 14% from the same period a year before.
