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Brazil's Usiminas posts 5th straight quarterly loss on expenses
April 26, 2013 / 11:01 AM / 4 years ago

Brazil's Usiminas posts 5th straight quarterly loss on expenses

SAO PAULO, April 26 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA, Brazil’s third-largest steelmaker by revenue, posted a net loss for the first quarter, its fifth consecutive quarterly shortfall, as financial and operating expenses unexpectedly jumped.

The company, known as Usiminas, lost 122.7 million reais ($61.4 million) in the quarter, compared with losses of 323.8 million reais in the prior three months and 70.8 million reais a year earlier, according to a securities filing on Friday.

Two of seven analysts in a Thomson Reuters poll this week forecast quarterly profit for Usiminas between 89 million reais and 155 million reais in the quarter. The other five analysts expected an average shortfall of 47 million reais.

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