Cydsa indicated that during the first quarter of the year its operating flow totaled 953 million pesos (mp), which implied a decrease of 17.4 percent compared to the 1,154 million pesos registered in the same period last year.
The company explained that this decline is mainly explained by a 29 percent decrease in operating profit, which went from 891 million pesos in the first quarter of 2023 to 636 million pesos in the first three months of this year.
“This behavior in operating profit comes mainly from the reduction in sales, due to the decrease in international prices of chemical products “commodities” and the increase in depreciation expense from new investments,” Cydsa explained.
It indicated that consolidated net sales for the first quarter totaled 3,130 million pesos, representing a reduction of 540 million pesos or 14.7 percent compared to 3,670 million pesos in the same period of the previous year.
In dollar terms, accumulated sales as of March 2024 totaled an equivalent of 184.4 million, an amount 6.3 percent lower than the 196.7 million dollars for the period January to March 2023 and this difference between the variation in sales in pesos and the equivalent in dollars, is due to the appreciation of 9.1 percent, observed when comparing the average exchange rate of 16.97 pesos in the first quarter of 2024, compared to 18.67 in the same quarter of the previous year.
“As a result of the above, the consolidated net profit for the first quarter of 2024 totaled 215 million pesos, equivalent to 6.9 percent of sales, which represents a decrease of 260 million pesos, compared to the profit of 475 million pesos in the same quarter of the year. 2023, when it represented 12.9 percent of sales,” he concluded.
