In the first semester, net income accumulated a 26% growth with respect to 2015, reaching US$29 million.
Santiago, August 5 2016. SAAM, worldwide company leader in the provision of port services, logistics and towage in the Americas, obtained earnings for US$ 14.4 million in the April-June quarter of 2016, accumulating in the first semester a net income of US$29 million, 26% higher than in the same period of the previous year.
Ebitda, in turn, reached US$ 53 million in the last quarter, including the results from its affiliates at their proportional value. This figure represents a 7% rise over the same quarter of 2015. During the semester, however, this figure reached US$105 million.
“We have maintained a good performance during the first half of the year, which leaves us in a better position to face the coming months with a slowdown in the economy, low comodity prices and a restructuring of the shipping company. SAAM’s diversification, with operations in more than 15 countries and over 80 ports in the Americas, allows us to address this scenario in better conditions” stated Macario Valdés, CEO of the Company
Results by division
During the second quarter, the Ports Division increased its sales by 13.4% (US$66.6 million), and Ebitda reached US$22.7 million. The CEO highlighted the performance of Terminal Internacional del Sur (Peru), which was incorporated to SAAM’s business portfolio in November, 2015, and where the operation of a new berth for mining loads was started. Furthermore, mention must be made of the positive results of the operational efficiency program applied in every terminal, the increase in sales in the ports of Iquique Terminal Internacional (ITI) and Portuaria Corral, plus the new services offered by Florida Terminal Internacional (FIT-EEUU), Terminal Portuario de Guayaquil (TPG-Ecuador) and San Vicente Terminal Internacional (SVTI).
In the Towage Division, sales remained stable (at US$70.5 million) and its Ebitda reached US$27.5 million. Sales in Uruguay, Chile, Guatemala and Brazil recorded a good performance, and special operations in Chile and Uruguay should be highlighted. Furthermore, during the period, two new tugboats were incorporated to the fleet in Chile and contracts were adjudicated in the ports of Balboa and Cristobal (Panama) and Puerto Cortés (Honduras), thus strengthening the presence of the Company in both the Atlantic and Pacific Coasts. All of this allowed offsetting the lower performance of operations in Mexico, affected by diminished activity due to the drop in the price of oil.
Lastly, the Logistics Division recorded sales for US$40.6 million and Ebitda was US$2.8 million, figures that are explained by the lower performance of affiliates abroad, the effect of the closing of the operation of container depots and workshops in Brazil in the second semester of 2015 and the diminished activity in services to importers and exporters during the period.
