The general manager of Quiñenco, Francisco Pérez Mackenna, said that the results confirm that the company's strategy has been the correct one. "It has been a period full of accomplishments and positive news, among which the business specified by CCU in Argentina stands out, the rise in results of CSAV and Hapag-Lloyd and Enex's entry to the US market. We will continue to progress, grow organically in Chile and explore business opportunities abroad, "he said.
Quiñenco posted a net gain of $ 153,832 million in the first nine months of 2018, a 135% increase over the same period in 2017.
This explains, according to the consortium founded by Andrónico Luksić Abaroa, mainly for the recovery of CSAV and the non-recurring utility obtained by CCU after the transaction that anticipated the term of its Budweiser license in Argentina.
First, the South American Company of Vapors (CSAV) reversed the 2017 accounting loss due to its dilution in Hapag-Lloyd, after its merger with United Arab Shipping Company (UASC). By September of this year, the German shipping company reported positive results, thanks to its good operational performance, in a context of challenging conditions in the container industry.
In the profits of Quiñenco in the third quarter of 2018, the growth of CCU's profits was also important. While this is largely due to the non-recurring profit of $ 153,496 million reported by that company for the transaction that set an early term for Budweiser's license in Argentina, it also notes the good performance in the Chile and International Business segments , the latter with a 25% increase in volumes.
For its part, Banco de Chile reported a profit of $ 433,350 million, maintaining a level similar to the previous period. The 7% growth in the bank's operating revenues, driven both by revenues associated with clients and by the favorable effect of inflation in the period, was offset by higher expenses and provisions for credit risk, mainly non-recurring. It is important to note that the net income accrued by the bank will allow you to prepay 100% of the subordinated debt with the Central Bank maintained by SM Chile. Payment of the final installment should be made by the end of April 2019, 17 years before the original term to finalize that obligation.
In the case of SM SAAM, the non-recurring profit registered last year by the sale of its minority interest in Tramarsa, explains that the subsidiary's contribution to the results of the holding would decrease by 38% in 2018. However, as regards Continuous operations, the Terminal Ports segment has been performing well, with more activity in most of them, while the Logistics segment shows a recovery, especially in the third quarter.
In the energy sector, Enex achieved a good operating result, with a growth of 11% in EBITDA, based on increasing volumes marketed and better margins in the channel of service stations and lubricants, in addition to the favorable effect of the sale of inventories valued at Historical cost, in a context of price hikes. Thus, the net profit increased 13%.
In a milestone relevant to the internationalization strategy of Quiñenco, last week, Enex made its entry into the United States market through the acquisition of a network of 38 Road Centers of the Road Ranger firm, which are located on the main roads that join the state of Texas with the midwest. The transaction, which reached US $ 289 million, has an interesting growth potential.
Another highlight in the international arena was the opening of a subsidiary of Invexans in London, Invexans Limited, aimed at exploring new business opportunities and concentrating investments in the array, especially in Europe and other countries. Recently, Invexans reported that he transferred to the branch in the United Kingdom the investment in French Nexans, which today reaches 28.39% of the shares issued by the company. The French multinational does not report results in the third quarter of the year.
The strategy works
Along with valuing the results in September, the general manager of Quiñenco, Francisco Pérez Mackenna, said that they ratify that the strategy of the company has been the correct one. "It has been a period full of accomplishments and positive news, among which the business specified by CCU in Argentina stands out, the rise in results of CSAV and Hapag-Lloyd and Enex's entry to the US market. We will continue to progress, grow organically in Chile and explore business opportunities abroad, "he said.