Vicunha moves to black with 2003 profit of US$58.8mn

Brazilian steelmaker Vicunha Siderurgia ended 2003 with a 150mn reais (US$58.8mn) net profit, reversing the 423mn reais loss it reported for 2002. In a statement Monday, Vicunha said that net revenue totaled 6.97bn reais last year, representing a 35% rise from 2002, while gross revenue increased 30% to 3.14bn reais. The company posted operating gains of 716mn reais, which compare with year-earlier losses of 1.07bn reais. At the end of December, Vicunha's net equity amounted to 1.47bn reais. By Márcio Anaya