Hardwood timber
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.
Latest Updates
View 2 more stories
Reporting by Kylie Madry and Noe Torres; Editing by Anthony Esposito
Our Standards: The Thomson Reuters Trust Principles.