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Empresas Copec quarterly profit declines on one-time costs

Empresas Copec SA posted $106 million in profit attributable to controlling shareholders for the fourth quarter of 2017, lower than $132 million in the year-ago period.

The 19.9% drop in net income was mainly due to non-recurring factors in the forestry, fuels and fishing units such as high financial costs to repurchase bonds and fixed asset impairments during the quarter. The negative effects were partially offset by lower taxes due to tax changes in Argentina and the U.S.

Total profit for the fourth quarter was $81 million in 2017, compared to $142 million in the previous year.

The Chile-based oil and gas refining and marketing company booked $5.32 billion in revenues for the fourth quarter of 2017, up 17.0% on an annual basis from $4.55 billion in 2016.

For full year 2017, profit attributable to controlling shareholders rose 15.4% to $639 million from $554 million in 2016. Full-year revenue was up 21.9% in 2017, climbing to $20.35 billion from $16.70 billion in the previous year.

Operating income increased more than 50% in 2017 to $1.21 billion from $788 million in 2016, rising mainly in the forestry business.

Meanwhile, Empresas subsidiaries Inversiones Arauco Internacional Limitada and AraucoMex SA de CV expect to complete the acquisition of Masisa SA's subsidiaries in Mexico in 2018. The transaction is valued at $245 million and the deal is subject to customary regulatory conditions including approval from Mexico's antitrust authority.