SAAM, the Chilean ports, logistics and towage company, has reported a 10.2% increase in third quarter net profit.
It said net income for the July to September quarter was $15m taking the year-to-date figure to $44.2m, a 20% year-on-year increase.
“We showed a good peformance for this period thanks to the strategy of geographical and business diversification of our portfolio, as well as to the efficiencies displayed in each of our divisions,” said SAAM chief executive Macario Valdes.
The Santiago-based company said a key event during the quarter was the deal to acquire a 51% stake in Puerto Caldera, the second largest port in Costa Rica.
In the port terminals division, sales in the third quarter of this year showed a growth of 13.5% to $69.5m, while ebitda was 33.5% higher at $21m.
SAAM highlighted the good performances of Terminal Internacional del Sur in Peru and Terminal Marítima Mazatlan in Mexico, the latter driven by contracts signed with car makers Nissan and Ford.
It added that this partially offset the effects of the strike that took place in September in San Antonio Terminal Internacional (STI).
