Adamant: Hardest metal
Thursday, May 8, 2003

Venezuela Sivensa 2nd qtr loss halved to $5.7 mln

Reuters, 05.02.03, 2:46 PM ET

CARACAS, Venezuela, May 2 (Reuters) - Venezuelan steelmaker Sivensa <SVS.CR> on Friday reported a sharply narrower fiscal second-quarter net loss, but its sales were undercut by a two-month opposition strike against President Hugo Chavez.

Sivensa, the nation's largest private-sector exporter, posted a net loss $5.7 million for the quarter ended March 31, compared with a net loss of $11.5 million a year earlier.

Consolidated sales for the second quarter slipped 47 percent to $32.1 million from $60.6 million a year earlier as the economic decline and strike hurt the local market. Its foreign market was also hurt by currency controls introduced by the government in February, the firm said.

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