SANTIAGO Aug 27 Chilean industrial conglomerate
Empresas Copec said its second-quarter net profit jumped nearly
threefold on stronger forestry, fuel and fishing operations.
Copec reaped roughly $246.3 million in earnings
between April and June, the company reported late Monday night,
well above profit of $86.5 million in the second quarter of
2012. Analysts looked for a profit of $195 million, according to
a Reuters poll.
"The forestry business had higher wood pulp, panel and sawn
lumber sales, mainly explained by greater volume across all
lines, and a wood pulp and panel price increase," Copec said in
Forestry, Chile's second-largest industry after copper
mining, accounted for roughly 62 percent of Copec's consolidated
assets as of December 2012, according to the company.
Higher commercial margins in the fuels sector and improved
operating income in the fishing business also helped the
Copec owns one of the world's biggest wood pulp producers,
the world's No. 3 fishing company and the main fuel distributors
in Chile and Colombia. It operates in Argentina, Brazil, Chile,
Colombia, Ecuador, Panama, the United States and Uruguay.
Copec, like many companies in commodities-dependent Latin
America, is attuned to signs of a sharp slowdown in key trade
It is focusing this year on its multibillion dollar
investments before looking at acquisition opportunities, the
company's chief executive told Reuters in May.
Copec is majority-owned by AntarChile, a holding group that
is in turn majority-owned by the wealthy Chilean Angelini