BNamericas reported that Peruvian steelmaker Aceros Arequipa more than tripled its consolidated net income for the first half of the year with PEN 139 million (USD 48.9mn) as compared to PEN 39.3 million in H1 of 2007.

Aceros Arequipa in a statement to Peru's securities regulator Conasev said that its consolidated net sales rose 122% YoY to PEN 683 million in H1 of 2008 from PEN 306 million. The satatement added that costs also skyrocketed to 423 million in the recent period from PEN 242 million in H1 of 2007.

The gross margin was 38% in H1 of 2008, higher than the 20.5% margin obtained as Aceros Arequipa's sale prices are ahead of anticipated cost rises.