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MeneameChilean iron and steel group CAP reported an US$18.5mn net loss for the third quarter and a US$52.5mn loss for the first nine months of this year, compared to US$269mn in profit for the first three quarters of 2008 due to lower prices for its products and less steel output.
No bottom line figure for the third quarter of last year was provided but CAP reported earnings of US$160mn for the first six months of 2008, which would put last year's Q3 profits at US$109mn.
Revenues in January-September shrank to US$983mn from US$1.61bn while operational costs declined to US$890mn from US$1.22bn.
CAP, Chile's largest steelmaker, said the loss in Q3 was 62.4% smaller than the loss in Q2 and highlighted the fact that the first three quarters of 2008 were the best January-September period in the company's history.
"Although we continued to register losses in the [Q3] period, we are calm because the results are a clear sign of market recovery and are a positive indication for the fourth quarter," CEO Jaime Charles said in a statement.
Charles added CAP expects to have record iron ore sales this year, while steel sales are to "return to normal gradually."
The company's iron ore business increased its sales 65.3% year-on-year to 3.21Mt in the third quarter but absorbed a 17.3% drop in prices to US$48.91/t, the company said in its financial report to securities regulator SVS.
In steel, CAP's Q3 sales from its Huachipato mill fell 10.3% to 276,747t while prices dropped 52.3% to US$642/t.
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