Brazil foundry Tupy's bottom line spikes

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Brazilian cast iron components foundry Tupy posted a first quarter profit of 47.2mn reais (US$15.2mn), up 173% from the previous year.

The Santa Catarina state-based company's revenue fell 0.5% to 855mn reais and adjusted Ebitda decreased 10.1% to 120mn reais.

During the quarter, 61.7% of revenues came from North America. In turn, South and Central America accounted for 17.4% of revenues, while Europe accounted for 12.4%. The remaining 8.5% came from Asia, Africa and Oceania.

Sales volume totaled 135,100t, up 13% from the same period last year, the company said in an earnings release.

Tupy said that sales volume was positively affected by strong growth in applications for commercial and off-road vehicles abroad, offsetting a 4% decline in the domestic market.

Headquartered in the city of Joinville, the company also has a plant in Mauá, São Paulo state, and two units in Mexico, in Saltillo and Ramos Arizpe.

Tupy manufactures products such as engine blocks and cylinder heads and parts for suspension and braking systems.