Siderúrgica Venezolana SIVENSA SA reported consolidated earnings results for the third quarter and nine months ended June 30, 2016. For the quarter, the company reported operating loss of VEB 120,704,000 against VEB 45,155,000 a year ago. The loss the increase in VEB 75.54 million is due to during the quarter ended on June 30, 2016 and 2015, the expenses denominated in US dollars (including the filial IBH's expenses), were converted into bolivars utilizing the SIMADI's rate of exchange published by the BCV and the inflationary increase in the expenses of Sivensa and its filial companies in Venezuela. Additionally, during the quarter ended on June 30, 2016. a loss in the ‘Other (expenses) and net operating incomes’ account of VEB 7.60 million, compared with the profit of VEB 13.56 million during the same period in the previous year. Pre-tax loss was VEB 1,434 million, compared with the loss of VEB 131 million during the same period of the previous fiscal year. This loss increase of VEB 1,303 million is mostly a result of: the loss increase in operations discussed in point a; the increase of VEB 1,181 million in the ‘Exchange loss net’ account, with regard to the one registered in 2015; the increase of VEB 471 million in the financial expenses of the year, mostly denominated in US dollars; and the increase of 424 million in the financial incomes of the year, basically denominated in US dollars. Net loss of the quarter attributed to the company's shareholders was VEB 1,425 million, compared with the loss of VEB 125 million registered in the same period of the previous year. This increase of VEB 1,300 million is mainly explained by the pre-tax loss previously considered. The quarter net loss attributed to the Sivensa's shareholders includes the results of the Sivensa's operations and its subsidiaries, after the participation, primarily of 31.46% of the IBH minority shareholders in the net results of said affiliated company for the three month periods ending June 30, 2016 and 2015. For the nine months, the company reported operating loss of VEB 267,868,000 against VEB 81,871,000 a year ago. Net loss for the period attributed to the company's shareholders was VEB 1,653,699,000 against VEB 385,726,000 a year ago.