The general manager of Quiñenco Francisco Pérez Mackenna said that the results confirm the correctness of the company's strategy. “It was a period full of achievements and positive news, among which I emphasize the business that holds the CCU in Argentina, the rebound in the results of CSAV and Hapag-Lloyd and the entry of Enex into the American market. We will continue to grow, organically grow in Chile and explore business opportunities abroad, ”he said.
Quiñenco recorded a net profit of 153,832 million. Pesos for the first nine months of 2018, which is 135% compared to the same period in 2017.
This is explained, according to a consortium created by Andrónico Luksić Abaroa, mainly due to the recovery of CSAV and one-time profits received by the CCU after the deal, which was awaiting the termination of the Budweiser license in Argentina.
First, Compañía Sudamericana de Vapores (CSAV) canceled its accounting loss in 2017 due to its breeding in Hapag-Lloyd after its merger with the United Arab Shipping Company (UASC). By September this year, the German shipping company reported positive results due to good performance in the context of difficult conditions in the industry of container ships.
In Quiñenco profits until the third quarter of 2018, there was also an important growth in CCU profits. Although this is largely due to a one-time profit of $ 153,496 million, the reported company for the transaction, which put an end to the Budweiser license in Argentina, also has good performance in the segments of Chile and international business, the latter with a 25% increase volumes.
For its part, Banco de Chile reported a profit of $ 433,350,000, retaining a level similar to the previous period. The 7 percent increase in the bank's operating income, due both to customer-related income and the favorable effect of inflation over this period, was offset by higher costs and provisions for credit risk, mostly lump-sum. It is important to note that the bank’s net profit will allow it to pay 100% of subordinated debt to the Central Bank, which is maintained by SM Chile. The payment of the final installment must be made by the end of April 2019, 17 years before the original deadline, to terminate this obligation.
In the case of SM SAAM, the one-time profit registered last year from the sale of its minority stake in Tramarsa explains that the subsidiary’s contribution to the holding’s results would have decreased by 38% in 2018. However, with regard to Continuous operations, the terminal port segment has proven to be more active in most of them, while the logistics segment is showing recovery, especially in the third quarter.
In the energy sector, Eneks achieved a good operating result with an 11 percent increase in EBITDA based on sales growth and increased profitability of service channels and lubricants, as well as a favorable effect from the sale of stocks, valued at historical cost, in the context of price increases. Thus, net profit increased by 13%.
During a significant milestone for Quiñenco’s internationalization strategy last week, Enex entered the US market by acquiring a network of 38 Road Ranger tourist centers that are located on the main roads that they join Texas with the Midwest. The transaction, which has reached 289 million US dollars, has an interesting growth potential.
Another international event was the opening of Invexans' subsidiary in London, Invexans Limited, which aims to explore new business opportunities and concentrate the investment of the parent company, especially in Europe and other countries. Invexans recently announced that it transferred to this subsidiary in the United Kingdom investments in the French company Nexans, which today reaches 28.39% of the shares issued by the company. A French multinational company does not report results in the third quarter of this year.
Along with evaluating the results until September, the general manager of Quiñenco, Francisco Perez Machenna, said that they confirm the correctness of the company's strategy. “It was a period full of achievements and positive news, among which I emphasize the business that holds the CCU in Argentina, the rebound in the results of CSAV and Hapag-Lloyd and the entry of Enex into the American market. We will continue to grow, organically grow in Chile and explore business opportunities abroad, ”he said.