Printer Friendly

GRUPO SIMEC ANNOUNCES NINE-MONTH RESULTS

 GUADALAJARA, Mexico, Oct. 28 /PRNewswire/ -- Grupo Simec, S.A. de C.V. (AMEX: SIM) announced net earnings of NPs. 56.0 million ($17.9 million) for the nine-month period ending September 30, 1993, a decrease of 2 percent, from NPs. 57.4 million ($18.4 million) for the comparable period in 1992. Overall, Grupo Simec's operating income increased 8 percent to NPs. 69.1 million ($22.1 million) in the 1993 period from NPs. 64.0 million ($20.5 million) in the 1992 period. Net earnings per ADS was $0.94 for the nine-month period ended September 30, 1993 compared to $0.96 for the prior period. Simec's overall net sales declined 10 percent to NPs. 464.3 million ($148.8 million) in the nine months ended September 30, 1993 from NPs. 518.7 million ($166.2 million) in the prior period. The steel division's net sales decreased 13.6 percent to NPs. 385.3 million ($123.5 million) in the first nine months of 1993 from NPs. 446.1 million ($143.0 million) in the comparable 1992 period, primarily as a result of the sale in November 1992 of Simec's distribution centers, a low margin operation which sold approximately NPs. 63.9 million ($20.5 million) of non-Simec manufactured products in the first nine months of 1992. Steel sales in tonnage increased 13 percent, however, to 288,508 metric tons for the 1993 period from 255,489 metric tons for the 1992 period. Sales in Simec's aluminum division increased 1 percent to NPs. 55.4 million ($17.8 million) in the first nine months of 1993 from NPs. 54.7 million ($17.5 million) in the comparable 1992 period, while tonnage of finished aluminum products sold increased 20 percent to 4,655 metric tons from 3,882 metric tons in the prior period.
 Grupo Simec, S.A. de C.V. is the leading mini-mill steel producer in Mexico and manufactures a broad range of non-flat structural steel products and is also among Mexico's lowest cost producers of extruded aluminum products.
 All figures presented were prepared in accordance with Mexican generally accepted accounting principles and are stated in constant New Pesos as of September 30, 1993.
 -0- 10/28/93
 /CONTACT: Wenceslao Lopez or Francisco Padilla Argotte of Grupo Simec, 011-52-3-6695720/
 (SIM)


CO: Grupo Simec ST: IN: MNG SU: ERN

TS-LG -- NY105 -- 8058 10/28/93 15:04 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 28, 1993
Words:399
Previous Article:SEARS NAMES COASTAL GROUP AS FENCING CONTRACTOR
Next Article:U.S. EPA ORDERS UNOCAL TO HALT CONSTRUCTION AT REFINERIES
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters