Industrias CH SAB (ICHB), Mexico’s largest steelmaker, fell the most in a week after fourth-quarter profit and sales volumes declined.
The stock fell 1.9 percent to 102.69 pesos at 11:37 a.m. in Mexico City. The country’s benchmark IPC stock index rose 0.3 percent.
Fourth-quarter net income fell 97 percent to 28.9 million pesos from a year earlier, according to a filing with the Mexican stock exchange. Sales tonnage for the Tlalnepantla-based company fell 9 percent from a year earlier.
The results were “weaker than expected,” Rodrigo Garcilazo, an analyst with Corporativo GBM SAB (GBMO) said in a report dated today.
The fourth-quarter “was the peak of the destocking cycle in the U.S.,” Garcilazo, who rates the stock the equivalent of sell, said in the report. “Volumes should recover in the coming months.”
To contact the editor responsible for this story: David Papadopoulos at email@example.com