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Industrias Peñoles' Q2 profit up over 400%

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Industrias Peñoles' Q2 profit up over 400%

Mexico's Industrias Peñoles SAB de CV has again witnessed a substantial year-over-year hike in its quarterly profit, continuing the strong first-quarter growth into the second quarter of the year.

Second-quarter profit was over 5x higher at 3.22 billion pesos, compared to the 639.3 million pesos reported in the same quarter of 2016, according to an Aug. 1 report by Reuters.

Total quarterly sales, meanwhile, rose 3.6% year over year to 20.71 billion pesos due to higher average metals prices.

The gains, however, were partially offset by financial losses of 172.9 million pesos related to financial derivatives.

As of Aug. 1, US$1 was equivalent to 17.78 Mexican pesos.