Mining unit helps boost Peru construction company Cosapi's results
Cosapi, one of Peru’s biggest construction companies, posted a Q3 net profit of 35.2mn soles (US$9mn), up from 32.1mn a year earlier.
The result was helped by its mining services unit – Cosapi Minería SAC – whose revenues went from 13mn soles in 3Q21 to 52mn soles in 3Q22. The award of two mining services projects was key to achieving that increase.
The engineering and construction unit – the group’s main one – saw revenue drop from 267mn soles to 257mn.
Cosapi's mining services – earthmoving for mining and cement clients – offset the drop from the construction sector.
According to management’s analysis, of the three projects that Cosapi was awarded in the third quarter, one was for earthmoving at the San Rafael tin mine of Minsur, and another was for mining extraction for the fourth stage of iron ore producer Shougang Hierro Perú.
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