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Ahmsa reported a net financial gain of Ps 266 million during the quarter, compared to Ps 815 million last year. This was due mainly to much lower non-cash FX gains and monetary gains. In addition, the company reported negative interest income (probably due to some kind of a reclassification so the whole year would amount to zero). This was partially offset by a reduction in interest expense as the company declared itself in suspension of payments in late May.
As we mentioned in earlier reports, Ahmsa’s balance sheet is the worst in our steel sector sample. Leverage (total liabilities/equity) amounted to 213% at the end of the quarter, and on an adjusted basis (net debt/equity), it reached 163%. In addition, interest coverage amounted to only 1.3x, although we believe this is fictitious as not all interests are being considered due to the suspension of payments.
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