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Profits rise at Chile's SAAM

Chile's SAAM SA announced its consolidated results for the year 2012, with total revenue, considering its sales associates, at $690.8m, up 7% on 2011.

SAAM has a wide geographical presence in the Americas, with port-business in Chile, United States, Ecuador, Mexico and Colombia. It operates Latin America's largest tugboat fleet with 126 units, serving in the main terminals of Chile, Peru, Ecuador, Mexico, Uruguay, Argentina, Brazil, Colombia, Honduras, Guatemala and Costa Rica, and logistics, with cargo services and ships. SAAM is present in 12 countries and 64 ports. SAAM was a branch of the Chilean liner CSAV controlled by the Luksic Group, until 2011 when it became an independent company listed on Chile's Santiago Stock Exchange.

SAAM reported an excellent performance in all business segments, ie tugs, logistics and ports. For the full year, total revenue, considering its sales associates,to its proportional value, totaled $690.8m, up 7% on 2011.

For the full year 2012, total SAAM EBITDA was $156m, up 2% on 2011.

SAAM SA announced the appointment of Javier Bitar Hirmas as new CEO of the company, who will take office from 1 April, as reported through a material event to the Superintendency of Securities and Insurance, succeeding Alejandro Garcia-Huidobro who will retire after 16 years as the company CEO. Bitar Hirmas, a mathematical engineer, was until then general manager of Viña San Pedro Tarapacá SA, a company also controlled by the Luksic Group.

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