Chile’s Empresas Copec flips to quarterly loss on forestry hit, forex

March 3 (Reuters) – Chilean industrial group Empresas Copec (COPEC.SN) on Friday posted a fourth-quarter net loss, a reversal of the year-ago quarter’s strong gains due to a hit on its forestry segment and exchange rate differences.

The conglomerate, which also operates fishing and energy businesses, reported a net loss of $9 million for the last three months of 2022.

Revenues were up almost 9% from a year earlier to $7.58 billion.

Quarterly earnings before interest, taxes, depreciation and amortization (EBITDA), meanwhile, fell 25% to $679 million. The core earnings in Copec’s Arauco forestry sector, as well as fishing business, slipped, while the energy business saw a boost.

Copec operates in fuel distribution businesses in Chile and Colombia, as well as holding stakes in the power, mining and fishing sectors.

It is a major world player in pulp through its forestry arm Arauco (ANTCOC.UL), which warned of a $50 million hit earlier this week due to raging fires in southern Chile.

Reporting by Kylie Madry and Noe Torres; Editing by Anthony Esposito

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