Sigdo Koppers' consolidated profit increased by 2.3% compared to September 2017, reaching $ 1678.4 million, according to the higher sales level in the industrial area, explained by the higher physical sales in both Enaex and Magoteo.
Consolidated EBITDA stood at $ 211.3 million in September 2018, which is 5.9% higher than in the same period of the previous year. This result is associated with a better operating result in Magotteaux and Fepasa and better performance in the leasing and distribution of SK Comercial's machine building business.
On the other hand, net revenue totaled $ 45.9 million, down 11.5% from the third quarter of 2017, largely due to the losses registered at Sigdo Koppers Engineering and Construction resulting from the Talara Refinery in Peru. This further exerts an effect on the increase in the effective tax rate as deferred taxes related to the reported losses in Talara are not taken into account.
The results of Sigdo Koppers subsidiaries show mixed results that highlight a better performance at Magotteaux and a higher sales level in the Chilean machine distribution business, offset by the negative performance of the engineering and construction business due to problems with operations in Peru and a lower profit in the SK Inversiones Automotrices product with lower margins and exchange rates in the car sales business.
Execution of subsidiaries
Engineering and Construction SK (ICSK)
This subsidiary records 13.2 million man-hours (+ 17%), according to the highest level of assigned projects. On the other hand, ICSK's pro forma EBITDA showed a COP loss of 4,396 million, representing a worse result of 252% compared to the third quarter of last year. This operating loss is largely related to project losses at the Talara Refinery in Peru. Thus, ICSK showed a net loss of $ 9,504 million (US $ 15 million), which is a worse result for the CLP 8,228 million compared to September 2017. This loss also increases as no deferred Losses related to losses. in Talara. Failure to meet 3Q-18 reached $ 589 million, down 39 million US dollars. compared to June this year (Talara's output is 47 million dollars lower than expected).
Port Windows (PVSA)
PVSA transferred a total of 4.3 million tonnes (+ 3%), highlighting the higher transfers of coal and cereals. Feasai, for its part, transported 823 million tonne-kilometers (+ 14.8%), highlighting the increase in copper concentrate transport.
Thus, Puerto Ventanas' consolidated EBITDA reached $ 33.9 million, representing a
13% increase as a result of the better performance of the subsidiary of "Fapassa". In turn,
Consolidated net income of Puerto Ventana reached $ 14.2 million, representing a
It dropped by 8% compared to September 2017.
Enaex achieved sales of 671,000 tons of explosives (+ 7%) thanks to higher services
rock fragmentation in Brazil. Consolidated Enax EBITDA reached $ 119.5 million
to the third quarter, which shows a slight decrease of 0.8%, which is mainly explained by a weaker result from the region of the cliff cluster service in Chile.
Enaex net profit totaled US $ 55.6 million, down 5%
about September 2017
Magotteaux sold sales of 528 million USD (+ 6%) online with higher physical sales (+ 1%)
mainly in casting business. Magotteaux's EBITDA reached $ 45.8 million in the third quarter, which is 25% more than in September 2017, which is explained by a recovery in operating margins. In this way, Magotteaux received a net profit of $ 10.9 million, an increase of 58% compared to September 2017.
Commercial SK (SKC)
SK Comercial has revenues of 193 million dollars (+ 1.3%), moving from the region
selling machines. EBITDA reached $ 25.6 million, an increase of 49% compared to
in the same period in 2017. As of September 2018, SKC reported a net profit of $ 1.2 million,
mainly explained by the slight recovery of the machinery market in Chile, along with the
extra profit from the sale of a piece of land in the process of restructuring the SKC. The Peruvian leasing market for machines still remains very contracted.
SKBergé / SK car investment (SKIA)
SKBergé recorded sales of 68,773, an increase of 19% compared to September 2017. This sales growth was observed in both Chile (+ 28%) and abroad (+ 8%). However, SK Inversiones Automotrices recorded a net profit of $ 10.157 million, which was lower than the one received in the same period in 2017 (CLP -26%), a product with lower operating and operating margins. exchange rate losses (strong depreciation of the Argentine peso in the second and third quarters of 2018).