Quiñenco general manager Francisco Pérez Mackenna said the results confirmed that the company's strategy had been correct. "I've had a full period of achievements and positive news, among which I point out the business carried out by the Argentine CCU in Argentina, which was repeated in the results of CSAV and Hapag-Lloyd and Enex's access to the US market. continue to promote, grow organic in Chile and explore business opportunities abroad, "he said.
Quiñenco recorded a net profit of $ 153,832 million pesos during the first nine months of 2018, a figure representing a 135% increase compared to the same period in 2017.
This is explained, according to the consortium established by Andrónico Luksić Abaroa, mainly due to the recovery of the CSAV and the unusual profit obtained by CCU after the transaction that anticipated its Budweiser license in Argentina to cease.
First, the Sudamericana de Vapores Company (CSAV) rejected the accounting loss of 2017 due to its weakening in Hapag-Lloyd, following its merger with the United Arab Emirates Company (UASC). In September of this year, the German shipping company identified positive results, thanks to its good operational performance, in the context of challenging conditions in the container shipping industry.
In the profit from Quiñenco to the third quarter of 2018, it was also important for the growth of the CCU profit. Although this is mainly due to the unusual profit of $ 153,496 million reported by that company for the transaction that terminates the Budweiser license in Argentina, it is also worth noting the good performance in and the Chile and International Business segments, the latter with a 25% increase in volumes.
On his behalf, Banco de Chile reported a profit of $ 433,350 million, maintaining a similar level to the previous period. The operating income of the bank, which is driven by the customer-related income and the favorable effect of inflation in the period, has been 7% growth, offset by higher costs and provisions on for credit risk, mainly not happening again. It is important to note that the net profits accrued by the bank will allow him to repay 100% of undergraduate debt with the Central Bank maintained by SM Chile. The final fee should be paid by the end of April 2019, 17 years before the original term to terminate that duty.
In the case of SM SAAM, the incredible profit recorded last year from the sale of its minority share in Tramarsa, explains that the contribution of that subsidiary to the results of the fall would decrease by 38% in 2018. However , in terms of Ongoing Operations, the Ports Terminal segment has performed well, with more activity in most of them, while the Logistics segment shows recovery, especially in the third quarter.
In the energy sector, Enex achieved a good operational result, with an increase of 11% in EBITDA, based on increasing sales volumes and improved margins in the service stations and the irid channel, as well as the favorable effect of selling stocks and It is valued at historical cost, in the context of rising prices. Therefore, the net profit increased by 13%.
In a significant milestones for the Quiñenco internationalization strategy, last week, Enex made its access to the US market by procuring a network of 38 travel centers of the Road Ranger company, who has located on the main roads they are joining Texas state with the Midwest. The transaction, which reaches US $ 289 million, has an interesting growth potential.
Another international highlight was the opening of the Invexans subsidiary in London, Invexans Limited, with the aim of exploring new business opportunities and focusing on investments and parent companies, especially in Europe and in other countries. Invexans recently said that he had transferred to that subsidiary in the United Kingdom the investment in the French company Nexans, which now reaches 28.39% of shares issued by the company. The French international does not report results in the third quarter of the year.
The strategy works
Along with assessing the results up to September, general manager Quiñenco, Francisco Pérez Mackenna, said they confirmed that the company's strategy had been correct. "I've had a full period of achievements and positive news, among which I point out the business carried out by the Argentine CCU in Argentina, which was repeated in the results of CSAV and Hapag-Lloyd and Enex's access to the US market. continue to promote, grow organic in Chile and explore business opportunities abroad, "he said.