BRASILIA, March 28 Profit at Cia. Siderúrgica
Nacional SA, Brazil's second-largest producer of flat
steel products, beat analysts' estimates in the fourth quarter
after revenue unexpectedly increased on improved domestic sales.
CSN, as the company is known, posted fourth-quarter net
income of 316.1 million reais ($156.8 million), down from 817.1
million reais a year earlier but better than expected, according
to a securities filing on Thursday. Analysts surveyed by Thomson
Reuters estimated earnings to come in at 165.7 million reais in
The company reported record revenue boosted by improved
sales in Brazil, it said in a regulatory filing on Thursday.
Net revenue reached a record 16.9 billion reais last year, a
2 percent increase over 2011 revenue thanks to expanded sales of
steel products, especially in the domestic market, where sales
hit a record 4.5 million tonnes.
Costs rose 28 percent last year, mainly due to higher costs
in transporting iron ore, the company said.
Earnings before interest, taxes, depreciation and
amortization - a gauge of operational profit known as EBITDA -
rose 14 percent to an adjusted 1.222 billion reais from the
third quarter, mainly due to favorable results in mining, the
CSN proposed paying 860 million reais in dividends and
interest on capital, the filing said.
Management will host a conference call with investors on
Monday to discuss fourth-quarter results.