April 20, 2018 / 11:08 AM / a month ago

Brazil steelmaker Usiminas net income jumps on economic rebound

SAO PAULO, April 20 (Reuters) - Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA reported net income of 157 million reais ($46.4 million) in the first quarter, a 45 percent rise from a year earlier, amid an economic rebound that boosted net revenue, it said on Friday.

The steelmaker, known as Usiminas, said adjusted earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of operating profitability, was 622 million reais in the period, up from 528 million reais. Net revenue rose 38 percent to 3.2 billion reais from a year earlier, the company said.

$1 = 3.3841 reais Reporting by Ana Mano; Editing by Bernadette Baum

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