Polpaico posts US$16.4m net profit

Polpaico posts US$16.4m net profit
Published: 22 March 2004

Chile’s Cemento Polpaico posted a 9.9bn peso (US$16.4m) consolidated net profit in 2003, versus a 9.4bn peso net loss the year before, Polpaico said in a statement to the country’s securities regulator (SVS).  For the period, operating profit grew 29.5% to 15.5bn pesos and revenue edged up 1.57 per cent to 118bn pesos.  Polpaico attributed the turnaround to a narrowing of its non-operating losses due to improved results of related investments and exchange rate differences.  Cemento Polpaico, a subsidiary of Switzerland’s Holcim, finished 2003 with a 35.2 per cent market share, behind Cementos Melon (36.4 per cent) and above Cementos Bio Bio (28.4 per cent). Local cement deliveries in Chile grew 4.6 per cent in 2003 to 3.62Mt in 2003.