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CSAV posts $70.5m profit for first quarter of 2015

CSAV posts $70.5m profit for first quarter of 2015

Chile’s Compania Sud Americana de Vapores (CSAV) posted a profit of $70.5m in the first quarter of this year. This compares to a net loss of $65.9m recorded by the shipping company in the same quarter of 2014.

The result, one of the best of the company has registered to date is mainly explained by the positive numbers recorded in the first quarter of 2015 by Hapag-Lloyd, in which CSAV is now a major shareholder with a 34% stake.

In the first three months of the year the German shipping company reported profits of $144m, a result mainly of the fall in oil prices, the first synergies from the merger of the business container of the two companies, the effects of a cost reduction programme and a stronger dollar.

Almost $60m of CSAV’s profits came from its shareholding in Hapag-Lloyd.

Shipping services that CSAV has kept after the merger – vehicle transport, bulk cargo, refrigerated cargo and logistics operator - showed a decrease of $26m in sales, due to the negative market conditions in which they operate. However, an important part of this negative impact of the market situation could be absorbed by reductions achieved in operating costs.

"We are starting the year with good news and confirming that the search for a strategic partner was the right path for our company,” said Oscar Hasbun CSAV ceo.

Regarding businesses that remained in CSAV after the merger, he said the company was working to improve its operations and evaluating strategic opportunities that these businesses.