Chilean forestry giant Copec bounces back to profit in final quarter

By Sarah Morland
Reuters in Yahoo! Finance
February 29, 2024
Category: Finance & Economics
Region: International

SANTIAGO, Chile. — Chilean industrial conglomerate Empresas Copec leapt back into profit in the last three months of 2023 after a tough year marked by lower prices for its wood products and extreme weather hitting its forests. The company posted a net profit of $166 million, compared to a loss of $31 million the previous quarter and a loss of $9 million a year earlier. …Copec flagged higher costs linked to the start-up of its MAPA project, a major pulp mill expected to hit a capacity of 2.1 million tons per year. …The results come after Copec’s forestry arm, Arauco , was hit by floods, droughts and forest fires in 2023. …Arauco reported a quarterly loss of $84 million, narrower than the $177 million loss reported a year earlier. Over the year, Copec said, it suffered from a fall in pulp prices and higher fiber selling costs.

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