logo
 

Metal Recycler Armco Metals Q2 net profit rises sharply to $32.9 million

image

CALIFORNIA (Scrap Register): Metal recycler Armco Metals Holdings net profit advanced 19% year-on-year to $32.9 million during the second quarter of 2014, as compare to $27.7 million last year.

Company’s increase in revenue in Q2 was primarily due to an increase of $8.3 million in the sale of scrap metals and an increase of $2.9 million in sales of steel billet, partially offset by a $2.4 million decline in sales of manganese ore, a $1.3 million decrease in sales of chrome ore, and a $0.7 million decrease in sales of titanium.

Company’s recycling business generated revenue of $26.2 million while their trading business generated revenue of $6.7 million, accounting for 80% and 20% of our total revenue, respectively. Revenue from their recycling business rebounded significantly from Q1 2014 revenues of $2.6 million. Gross profit for the second quarter of 2014 was $3.1 million as compared to gross profit of $2.4 million in the second quarter of 2013.

Armco Metals is a US based company that engages in the import, sale, and distribution of metal ore and non-ferrous metals in China. They recycles scrap metals used by steel mills in the production of recycled steel and provides sourcing and pricing services for various metals to its network of customers.

comments powered by Disqus
 
     
Copyright © 2017 ScrapRegister 2017-2022. All rights reserved