(Reuters) -Chilean industrial conglomerate Empresas Copec on Thursday posted a profit for the last three months of 2024 that rose 15% thanks to larger pulp volumes and lower costs at its forestry unit, Arauco.
Arauco accounts for the bulk of Copec’s earnings, though Copec also operates a sizeable fuel-distribution business, holds stakes in mining and runs a fleet of fishing ships and factories.
The firm’s profits in the fourth quarter landed at $191 million compared to $166 million a year earlier, while earnings before interest, taxes, depreciation, and amortization (EBITDA) edged down 1.7% to $644 million and revenues dipped 6.4% to $6.77 billion.
The results landed below the forecasts of analysts polled by LSEG, who had predicted a quarterly net profit of $209.9 million, EBITDA of $680.1 million and revenues of $7.03 billion.
Copec said it had made progress on its “Sucuriu Project,” in Brazil, with construction set to start in April on the $4.6 billion pulp mill that is set to produce some 3.5 million metric tons of dry cellulose a year.
Copec has said production should begin the last quarter of 2027. On Thursday, Copec said it had spent $126 million on the project last year.
(Reporting by Sarah Morland and Kylie Madry)
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