UPDATE 1-Chile Copec posts 12.5 pct drop in second-quarter profit

viernes 29 de agosto de 2014 18:22 GYT
 

(Adds company comments, sales and Ebitda figures)

SANTIAGO Aug 29 (Reuters) - Chilean industrial conglomerate Empresas Copec on Friday reported a $216.1 million net profit for the second quarter, a 12.5 percent drop from a year earlier, due to higher wood pulp costs and reduced fuel sales.

Copec, which owns one of the world's biggest wood pulp producers, the world's No. 3 fishing company and the main fuel distributors in Chile and Colombia, said during the quarter "prices for short-fiber cellulose fell in all markets and (prices) for long-fiber remained firm, but with some downward adjustments."

"During the second quarter 2014, the effects of greater (wood pulp) supply started to be felt due to the start up of an important plant in Brazil," the Santiago-headquartered company said in a filing with the local securities regulator.

In its fuel division, Copec said it saw reduced volume sales in Chile and Colombia, which were partially compensated by increased sales in Panama and Ecuador.

Copec's overall sales slipped 3.5 percent in the second quarter to $5.98 billion, while Ebitda, or earnings before interest, taxes, depreciation and amortization slipped 5.3 percent to $513 million. (Reporting by Anthony Esposito; Editing by Chris Reese and Andrew Hay)