SAAM Reports Consolidated Earnings Results for the Second Quarter and First Half of 2018; Provides Capital Expenditure Guidance for 2018
August 16, 2018 at 07:30 pm IST
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SAAM reported consolidated earnings results for the second quarter and first half of 2018. For the quarter, the company posted net income of $11.8 million, replacing a decrease of 66% over the second quarter of 2017. Nevertheless, if exclude the results of discontinued operations and extraordinary gains contained in 2017 results, quarterly earnings grew 72%. The company reported consolidated sales of $130 million, which represents an increase of $15 million over the same period in 2017. This increase is explained mainly by the growth in volumes registered by Port Terminals Division. Consolidated EBITDA for the period increased $7.8 million over the second quarter of 2017. Net income from continuing operations, attributable to the controller, reached $11.8 million for the second quarter of 2018, representing an increase of $4.9 million over the same quarter last year.
For the first half, the company reported net income of $42.4 million for the first half of 2017. This amount goes to $10.1 million if exclude extraordinary gains and the result of discontinued operations. For the first half of 2018, net income totaled $20 million, which represents a growth of 96% over the first half of the prior year, explained by improved results from those 3 different divisions. During the first half of 2018, the investments totaled $34 million. This represents a 40% progress compared to what was estimated for 2018, which was $85 million.
Capital expenditure in 2018 is expected to be around $85 million, which represents a decrease of 30% when compared to the one in 2017.
Sociedad Matriz SAAM SA is a Chile-based company engaged in the marine freight and logistics sector. The Companyâs activities are divided into three business segments: Tugboats, Ports, as well as Logistics and others. The Tugboats division focuses on docking, undocking, tugboats, as well as rescue and offshore support services in ports located in Chile, Peru, Mexico, Colombia, Brazil, Costa Rica, Canada and Panama, among others. The Ports division is responsible for the port management in Chile, the United States, Ecuador and Colombia. The Logistics and others division includes services related to cargo operations in managed ports, such as stowage, unstowage, documentation, storage, deposits, logistics and transport.