Empresas CMPC : Chile CMPC's 1Q Net Profit Falls 19% On Year To $114.97 Million
04/27/2012| 10:53am US/Eastern
Chilean pulp and wood-products company Empresas CMPC SA's (CMPC.SN) first quarter net profit fell 19% on the year to $114.97 million, the company said Friday in a filing with the local securities regulator SVS.
The drop in profit was in part due to lower international wood pulp prices which cut income from pulp sales by 21%, the company said in its filing.
CMPC's consolidated sales for the quarter fell 5% on the year to $1.18 billion.
The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, was $224 million. This was 29% lower than Ebitda in the first quarter of 2011, but it was 25% higher than the Ebitda posted in the final quarter of last year.
CMPC is the country's second-largest pulp producer and is controlled by the local Matte family. It plans to invest $1.3 billion this year to strengthen its business units.
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919; firstname.lastname@example.org