Cementos Bío Bío reports 33% higher profits, Chile

Cementos Bío Bío reports 33% higher profits, Chile
Published: 12 July 2004

Cementos Bío Bío (CBB), with activities in the cement, forestry and industrial sectors, projected profits of 12bn pesos (US$189m) during the first half of 2004, 33% more than in the same period of 2003, when profits totaled 9.02bn pesos (US$142m).

The increase was attributed to growth in all the company’s business areas, said Ulises Palli, general manager of the firm. "Although cement demand has been lower than last year, we have done well. Lime consumption rates have also increased in the mining sector due to the high copper prices at international level," he added.

During 2003, profits reached 20.02bn pesos (US$316m) and for 2004 the figure is expected to rise to 23bn pesos (US$363m).

In April, CBB increased its stake in Cerámicas Industriales (CISA) reaching 53% and it has already closed an agreement to control 92.5% of CISA before the end of 2004.