Bío Bío 2005 profits up

Bío Bío 2005 profits up
Published: 09 March 2006

Chilean company Cementos Bío Bío saw net profits climb 2.49 per cent to 25.9bn pesos (US$48.6m) last year compared to 2004, while fellow cement group Empresas Melón’s bottom line dipped 1.78 per cent to 21.2bn pesos, the companies reported.  In 2005, Bío Bío and Melón recorded revenues of 314bn pesos and 163bn pesos, respectively, up 23 per cent and 6.43 per cent from the previous year, the companies said in separate filings with the country’s securities regulator (SVS).  Bío Bío’s operating profit rose 13.9 per cent to 40.9bn pesos, while Melón posted a 29.0bn-peso operating profit, down 0.46 per cent. Increased operating and financial costs, along with higher administrative and sales outlays, cut into Bío Bío’s revenue increase. A rise in operating costs, coupled with higher monetary correction losses, also impacted Melón’s bottom line. Chile’s Briones group controls Bío Bío.  In the first two months of this year, Polpaico was the top shipper with 257,237t, followed by Melón with 235,652t and Bío Bío at 205,491t.