SAAM, the Chilean port, logistics and towage company, reported a 14% increase in first-quarter profit on the back of higher revenue.
It said net income for the quarter gained to $8.1m as its three divisions saw improved top lines.
“We had a good start to the year, particularly because of our continuing operations," said chief executive Macario Valdes.
"All three business divisions reported growth, especially Terminal Portuario Guayaquil, and we saw a moderate recovery in results in the Logistics Division."
The port terminals division increased revenue by 31% to $88.7m, thanks to strong performances from Terminal Portuario Guayaquil in Ecuador and Puerto Caldera in Costa Rica. Operating profit gained 35% to $23.7m.
The towage division's revenue went up 8% to 21.7m, while operating profit gained 4% to $21.7m, due to a rise in special services in Canada and Uruguay.
The logistics division had revenue of $ 27.5m and operating profit of $2.9m, marking a 40% increase. This business area experienced a recovery in results after implementing a new strategy, getting new contracts and seeing a strong performance from Aerosan.
SAAM expects to invest $85m in port equipment and infrastructure and "reinforcing" its tug fleet.
"In addition, SAAM is continuously exploring opportunities for inorganic growth," the company said.
