However, in the fourth quarter the company recorded a profit of US$ 166 million compared to losses of US$ 9 million in the fourth quarter of 2022.
Empresas Copec, the largest industrial group in Chile, reported to the Financial Market Commission (CMF) a decrease in its annual profits of 76.2%, going from US$ 1,466 million in 2022 to US$ 348 million in 2023 .
However, in the fourth quarter the company recorded a profit of US$ 166 million compared to losses of US$ 9 million in the fourth quarter of 2022. This, explains the firm linked to the Angelini family, due to a higher non-operational result in the forestry sector associated with a favorable revaluation of biological assets and income from compensation for accidents.
In addition, it experienced a slight increase in its income, registering an increase of almost 2%, going from US$ 28,613 million to US$ 29,179 million, but its Ebitda experienced a decrease of approximately 35%, falling to US$ 2,303 million , compared to US$3,539 million the previous year.
“The company's profit and Ebitda are lower than the previous two years, in which historical results were recorded. We have always pointed out that this is a company in which part of its assets are related to commodities , which are cyclical by nature. Therefore, these variations in results are expected. In fact, in recent months we have seen a reversal of this trend, thanks to the fact that the price of pulp has been rising and Arauco's production costs have been gradually decreasing,” explained Eduardo Navarro, CEO of Empresas at a general level. Copec,
The company indicated that its financial performance was mainly affected by its forestry arm, Arauco, a global supplier of cellulose pulp, which was impacted by the decrease "in prices in both the cellulose and wood businesses, offset, in part, due to higher pulp sales volumes".
"It should be noted that there are cost increases associated with the start-up of the Modernization and Expansion of the Arauco Plant (MAPA) project, which was partially offset by a decrease in distribution costs and other expenses by function," Empresas Copec explained. .
Arauco recorded a loss of US$ 84 million in the quarter, although showing an improvement compared to the negative gap of US$ 177 million registered in the same period of the previous year. The negative effects were "partially offset by higher volumes of pulp and sawn wood" in the quarter, the statement clarified.
This was accompanied by an increase in its financial costs from US$200 million to US$373 million, and a decrease in its Ebitda of 65% to US$517 million, versus US$1,481 million in 2022.
On the other hand, they specify that Abastible, a subsidiary dedicated to the distribution of liquefied gas, recognized a higher operational result compared to 2022, "reflecting an improvement in the performance of its operations in Chile, Colombia and Peru."
It recorded profits of US$ 49,204 million, which represents an increase of 35% compared to the profits of US$ 35,439 million in the last quarter of the previous year. While Ebitda experienced an increase of 22.4%, reaching US$ 153,411 million.
