Chilean firms post drop in first nine months

Chilean firms post drop in first nine months
Published: 04 November 2008

Bío Bío, Polpaico and Lafarge - reported a decrease in profits in the first nine months of 2008 compared to the same year-ago period, according to separate reports filed with the country’s securities regulator SVS.

Cementos Bí Bí posted consolidated net profits of 9.25bn pesos (US$14mn), a 40.4% drop from the 15.5bn pesos reported for the same period in 2007.

Revenues decreased 2.1% to 264bn pesos, while operating profit dropped 48.3% to 14.3bn pesos.

Cemento Polpaico saw consolidated net losses of 468mn pesos compared to the 9.8bn-peso profit posted for the same period last year.

Revenues declined from 107bn pesos to 104bn pesos, while operating profits came in at 3.23bn pesos, 77.6% lower than 14.4bn pesos for the same nine months in 2007.

The negative results were mainly due to investments, production costs, a decrease in revenues and the results of outside operations, the company reported.

Lafarge Chile’s operating profits were up 1.6%, from 21.2bn pesos in the first nine months of 2007 to 21.5bn pesos for the same period this year. Revenues increased 6.7% to 195bn pesos.

Net profits were down 1.9% in the period to 13.5bn pesos, compared to 13.8bn pesos in 2007.