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CSAV reports loss of $46.7m for 3Q 2013

CSAV reports loss of $46.7m for 3Q 2013
Chile’s Compañía Sudamericana de Vapores (CSAV) has reported a loss of $46.7m for the third quarter of 2013, which compares with earnings of $34.3m in the second quarter of this year and earnings of $55.8m in the same period of 2012.

The operating loss for the third quarter of 2013 was $40.2m, compared to a loss of $32.2m for the second quarter of 2013 and operating income of $35.7m in the same period of 2012.

The results for the latest period were negatively affected by the fall in freight rates compared to the second quarter of the year and in particular to the same quarter of 2012. However, and as has occurred in recent quarters, CSAV obtained further improvements in its unit operating costs, an essential element in the company’s business model. In other words, the increase in volume shipped was greater than the increase in shipping costs during the quarter, with respect to both comparative periods, said CSAV in a statement.

CSAV’s ceo, Oscar Hasbun, indicated that the results obtained are consistent with the rates’ scenario affecting the industry. This situation was partially compensated by a reduction in unit costs as a result of the implementation of the new operating model. “This scenario has shown a correction in recent weeks, with freight rates increasing strongly in our most important trades. If maintained, it could help to improve the company’s results toward the first quarter of 2014,” said Hasbun.

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