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PrintLima, Peru (Platts)--Chinese-owned Shougang Hierro Peru's sales revenue soared 65.5% year-on-year in the third quarter to 427.9 million soles ($143 million) on higher iron ore products prices, the company said in a filing to the Peruvian stock exchange Wednesday.
For the nine-month period to September 30, Shougang's sales revenue rose 37% to 1 billion soles, the company added. The company sold 5,927,000 mt of iron ore products during the period, up just 3.18% year-on-year, indicating that the revenue hike was due almost entirely to higher products prices.
However, the company could not escape rising costs, which increased 29% in the nine months over the same period a year earlier, it said.
The higher sales revenue, partly offset by rising costs, helped Shougang almost double its Q3 net income to 127.8 million soles from 67.3 million soles in the same quarter a year earlier, it said.
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