CSAV profit hits US$54.2 million, but legal costs turns it into loss
CHILE's CSAV (Compania Sudamericana de Vapores) has posted a first quarter net loss of US$96 million while narrowing the decline 53.2 per cent from the one suffered in the corresponding quarter of 2012.
The loss included $40 million provisional funding to cover possible fines CSAV may face for alleged violations of competition regulations in its car carrier division, the company said.
Otherwise, quarterly operating profit would have been $54.2 million, the company said.
"For another consecutive quarter, CSAV has a more efficient costs structure compared to the company's historic performance," said CSAV chief executive Oscar Hasbun.
"We expect that the weak financial position of most of the industry players will be a catalyst for permitting rates to recover from their present level in the next quarters. The situation continues to show volatility as a result of oversupply. The year continues to be a challenge," he said.
CHILE's CSAV (Compania Sudamericana de Vapores) has posted a first quarter net loss of US$96 million while narrowing the decline 53.2 per cent from the one suffered in the corresponding quarter of 2012.
The loss included $40 million provisional funding to cover possible fines CSAV may face for alleged violations of competition regulations in its car carrier division, the company said.
Otherwise, quarterly operating profit would have been $54.2 million, the company said.
"For another consecutive quarter, CSAV has a more efficient costs structure compared to the company's historic performance," said CSAV chief executive Oscar Hasbun.
"We expect that the weak financial position of most of the industry players will be a catalyst for permitting rates to recover from their present level in the next quarters. The situation continues to show volatility as a result of oversupply. The year continues to be a challenge," he said.