Wednesday, Companhia Siderurgica Nacional CSN (SID), an integrated steel producer in Brazil, reported a sharp increase in profit for the third quarter, despite a decline in revenues, helped mainly by a gain from foreign exchange variations, financial income and income from other operations.
Net income for the third quarter surged to R$1.15 billion from R$39.63 million in the previous year.
Net revenue for the quarter was R$2.98 billion, down from R$4.03 billion a year ago.
Cost of goods sold for the quarter declined to R$1.81 billion from R$1.91 billion last year.
Other operation income for the quarter was R$661 million, compared to an expense of R$49.18 million a year ago.
Financial income was R$299.53 million, compared to a loss of R$487.33 million last year. Gain from monetary and foreign exchange variations was R$520.84 million, compared to a loss of R$910.10 million in the previous year.
Steel sales volume for the period increased 4% to 1.32 million tonnes from 1.26 million tonnes last year. Crude steel production decreased 12% to 1.18 million tonnes from the previous year. Net revenue per unit declined to R$1,667 per tonne from R$ 2,421 per tonne in the previous year.
For the nine-month period, net income was R$1.85 billion, compared to R$1.84 billion in the same period of the previous year. Net revenue for the period declined 25% to R$7.92 billion from R$10.61 billion in the previous year.
SID is currently trading at US$35.03, up 1.18, or 3.48%, on a volume of 1.36 million shares on the NYSE.
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