SAO PAULO, April 20 (Reuters) - Steelmaker Usiminas on Thursday kicked off Brazil's earnings season by
beating market consensus for its first quarter net profit even
as steel sales and net revenue slipped on a yearly basis.
Usinas Siderurgicas de Minas Gerais SA, as the company is
formally known, reported a bottom line of 544 million reais
($107.18 million), down 57% from a year ago but reversing the
impairment-driven loss seen in the previous quarter.
Analysts polled by Refinitiv had expected net income for the
Ternium-backed firm to reach 336.5 million reais.
($1 = 5.0754 reais)
(Reporting by Gabriel Araujo; Editing by Steven Grattan)
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