Results roundup: CSAV, SAAM, Empresas Navieras

Tuesday, September 4, 2012

Chilean shipping and port company Compañía Sudamericana de Vapores (CSAV) saw US$61.7mn in operating losses in the second quarter, compared with a US$381mn loss in 2Q11.

The results were also an improvement from 1Q12, shedding 64.8% of losses compared to US$175mn in losses during January-March.

The results exclude those of former subsidiary SAAM, which was spun off from CSAV in February as part of the company's restructuring process.

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The company noted that after the completion of its restructuring process, "CSAV showed important operational improvements [during 2Q12], which allowed significant reductions in variable and fixed costs, together with higher utilization factors, compared to 1Q12 and 2Q11," CSAV's investor report read.

Overall, CSAV posted US$140mn in 2Q12 losses, compared with a US$337mn loss in the prior-year period, while Ebitda for the quarter was -US$48.5mn, compared to -US$371mn reported in 2Q12, according to its latest financial figures.

CSAV is controlled by holding company Quiñenco, the investment arm of local group Luksic.

For the results summary in English, go to this link; for the full results report in Spanish, use this link


Chilean logistics, ports and storage company SAAM reported US$15.9mn in second quarter profits, up 4.6% year-on-year.

For the first half of the year, SAAM reported US$32.8mn in profits, up 0.72% from 1H11, according to the company's latest financial statements.

SAAM - also controlled by Quiñenco - reported US$110mn in Q2 revenue and US$220mn for the first half of the year.

For the full results in Spanish, click here


Finally, fellow Chilean shipping and ports company Empresas Navieras reported US$12.7mn in second quarter profits, compared to US$11.7mn in losses in the year-ago period.

For the January-June period, Empresas Navieras saw US$8.28mn in profits compared to US$8.99mn in losses reported in 1H11, according to its latest financial statements filed with securities and insurance regulator SVS.

The company reported US$381mn in second quarter revenues, and US$745mn in 1H12 revenues, compared to US$383mn and US$720mn in revenue reported in 2Q11 and 1H11, respectively.

Empresas Navieras is controlled by local Urenda group.

For the full results, in Spanish, click here