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MeneameChilean construction company Delta plans to sell off its tollroad interests in the country, local paper Diario Financiero reported.
Delta owns 100% of Region V tollroad Nogales-Puchuncaví and a 34% stake in the tollroad connecting Region VII capital Talca and Region VIII city Chillán, according to the report.
Delta - impacted by low traffic levels due to the recent economic difficulties in the region - is selling off these interests to clear up debts, the report cited sector sources as saying, adding that Nogales is valued at some US$11mn and Talca at US$14.6mn.
The sell-off would occur in the first quarter of next year, said the report.
Delta's company policy is not to comment on such news reports.
Nogales-Puchuncaví runs 27km connecting Region V town Nogales on the Pan-American Highway with Puchuncaví near the coast; the 22-year concession began in 1995.
The Talca-Chillán tollroad runs 193km on the Pan-American Highway (Ruta 5), and although the concession was awarded in 1996 for 11.5 years, in August the Chilean government modified the concessionaire's contract, whereby the concession ceased to be a fixed-term contract due to the implementation of an income distribution mechanism (MDI).
The contract's new expiration date now depends on when a total guaranteed income equal to some US$295mn is reached. In general terms, under an MDI, the government will insure revenue against a sudden drop in passenger flows in return for a premium paid via additional public works construction. In the case of Talca-Chillán, the additional investment will be for some US$26mn.
Spain's Cintra controls this tollroad.
JANUARY-SEPTEMBER RESULTS
Increased operating, administrative and sales costs, and a widening of non-operating losses impacted Nogales-Puchuncaví's January-September bottom line, which fell 58.8% to 15.7mn pesos (US$27,000), the tollroad reported to the country's securities regulator SVS.
In the period, revenue grew 9.26% to 777mn pesos and operating profit rose 6.9% to 285mn pesos.
The concessionaire expects the expansion of local port Quintero, along with the continued importance of nearby Ventanas port, to increase the coastal area's traffic with Argentina.
In the case of Talca-Chillán, lower operating, administrative and sales costs, and a narrowing of non-operating losses helped this tollroad post a 1.58bn-peso net profit in the nine-month period, versus a 1.91bn-peso net loss in the same period last year, the tollroad reported separately to the SVS.
In the period, revenue grew 7.66% to 15.3bn pesos and the tollroad posted a 3.08bn-peso operating profit, versus a 160mn-peso operating loss in the same period last year.
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