Chile’s CAP registers 43.8 percent decrease in net profit

Tuesday, 12 August 2014 01:34:06 (GMT+3)   |   Sao Paulo
       

Chilean steelmaker and iron ore producer CAP SA registered a $45.8 million net profit in the first half of the year, down 43.8 percent from the $59.6 million during the same period of 2013, the company reported.

“In the results of the first half of 2014 we see a clear sign of stabilization as an answer to the rigorous program of optimizations [of the company], which conducted to a decrease in the average cost of sales per tonne to 2.8 percent,” the company said in a statement.

CAP’s total income in the period totaled $994.4 million, a 6 percent decrease compared to a year ago.

The company’s Ebtida fell by 19.6 percent in the period to $237 million.

CAP plans to invest about $650 million in 2014; especially at its iron ore project Cerro Negro Norte, in the city of Copiapó, in the region of Atacama, in Chile.


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