Chilean shipowner CSAV has seen earnings hit by a higher tax bill in the third quarter.
Net profit was cut to $2m from $4.17m last year, with revenue at $35.38m from $35.48m.
Costs rose to $31.28m against $29.78m, while it enjoyed a pre-tax boost of $14.38m from equity investments and joint ventures, compared to $9m in 2016.
This comes from its 25% stake in Hapag-Lloyd, to which it sold its containership interests.
But the gain also generated a bigger tax bill of $12.32m, from $6.36m in 2016.
Other operations including its car carriers netted $1.11m in the period, from $3.29m a year ago.
CSAV also confirmed it has sold 100% of its $294m share issue to raise cash to increase its stake in Hapag to the aforementioned 25%.
It is now the main shareholder in its partner.
The stake gives CSAV "decisive influence in important matters for the company such as capital increases, mergers, spin-offs and changes to its business lines, all of which require a quorum of 75%", it added.
