Altos Hornos de Mexico and its subsidiaries has reported on the Mexican Stock Exchange its financial results for the second quarter of 2011, during which posted EBITDA of MXN 194.2 million, 55.2% YoY higher than the same period last year. The cumulative EBITDA for the first two quarters of the year amounted to MXN 4.01 billion.
The utility accumulated before comprehensive financing result (operating income) grew 48.4%, adding MXN 1.422 million as compared with MXN 958 million registered in the second quarter of 2010.
In turn, consolidated net income grew 45% in the second quarter of 2011 as compared with the same period last year, reaching MXN 789 million as compared to MXN 544 million between April and June 2010.
The figures presented in the quarterly meeting of the Board show a 17.7% growth in sales revenue, adding MXN 10.126 billion. Cumulative sales for the first half totaling MXN 19.530 billion, an increase of 18.1% as compared with the first two quarters of last year.
Mr Alonso Ancira Elizondo president of AHMSA said that second quarter results reflect the modest recovery of demand and market prices of steel during the period.
He reported that the company continues to allocate its flows to the Phoenix Project, supported investment program self funded and designed to maximize efficiency and profitability with a 40% increase in production, ensuring the full long term viability to the restructuring plan liabilities.
As part of Project Phoenix, in the second quarter reached its full level of operation the new blast furnace 6, unit designed by company technicians, the AH6 ensures supply for the initial smelting of iron required for the fulfillment of production programs. It also began construction of the new Oxygen Plant 6, a project by the company Air Liquide and designed to provide all the industrial gases required by the new operating units.
Similarly, companies AHMSA and environmental actions strengthened with the entry into operation of two new nurseries in Monclova and Nava with a combined capacity to generate 300,000 trees per year for an aggressive reforestation program coordinated with the levels of government and community organizations.
