SANTIAGO (Reuters) -Chilean industrial group Empresas Copec on Friday posted a 35.5% decrease in its third-quarter net profit versus a year earlier, mainly driven by a drop in non-operating income.
The company’s net profit stood at $474 million, while net revenue rose 19.7% to $7.9 billion.
Earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, fell 1.1% in the quarter to $965 million.
“Non-operating income was unfavorable compared to results recorded in the third quarter of 2021, due to the sales of Gasmar and forestry assets in Arauco during 3Q21,” the company said in a statement
Copec is a major player in the world pulp market through Arauco, and it also participates in the fuel distribution business in Chile and Colombia. The company has stakes in the power, mining and fishing sectors.
(Reporting by Fabian Cambero and Carolina Pulice; Editing by Anthony Esposito and Isabel Woodford)
