Brazil's Steel Co CSN 4Q Net Profit BRL3.9 Billion Vs BRL508 Million

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Mar 2009

Brazilian steelmaker Companhia Siderurgica Nacional (SID), or CSN, reported a fourth-quarter net profit of 3.9 billion Brazilian reals ($1.7 billion), up from BRL508 million in the year-ago period, the company said in a statement late Sunday. For the entire year of 2008, the company reported a net profit of BRL5.7 billion, up from BRL2.9 billion in the year ago period.
CSN attributed the increase of its net profit in the period to a gain of BRL4 billion generated by the sale of a 40% stake in its Namisa mining unit to a consortium of Asian steelmakers at the end of last year.
CSN reported fourth-quarter revenue rose 12% to BRL3.39 billion from BRL3.0 billion in the year-ago period.
The earnings before interest, taxes, depreciation and amortization, or Ebitda, for the fourth quarter increased 20% to BRL1.5 billion from BRL1.26 billion in the year-ago period.
For the full year of 2008, CSN's Ebitda totaled BRL6.59 billion, up from BRL4.87 billion in 2007. The company ended 2008 with a net debt of BRL5.3 billion, down from BRL6.2 billion seen at the end of the third quarter.

Source: Dow Jones