Highlights during the quarter include strong performances from port terminals in Guayaquil (Ecuador) and Florida (United States), and the addition of Costa Rica’s Puerto Caldera to its portfolio.
Santiago, May 5, 2017. SAAM, a leading provider of port, logistics and towage services in the Americas, reported net income of US$ 8.1 million for the first quarter of 2017, a decrease of US$14.7 million over the first quarter of 2016. Ebitda, which includes equity-method associates, increased to US$ 49.3 million, down 4.5% YoY.
These results are a reflection of the context facing the industry, marked by a sluggish regional economy, greater uncertainty in the international market and a consolidation trend among shipping companies, which continues to put pressure on rates for services used for foreign trade.
Under these conditions, SAAM’s Logistics Division experienced a sharp drop in activity. This reduced activity, coupled with costs incurred to restructure and refocus its operations, negatively impacted earnings.
The Towage Division reported stable results for the quarter despite a less active market. In the Port Terminals Division, poor performances from the ports in Chile (especially San Antonio and San Vicente) were offset by strong performances in Guayaquil (TPG, Ecuador) and Florida (FIT, United States), and the addition of Costa Rica’s Puerto Caldera.
“We dealt with complex circumstances but, in our business, the outlook is long-term. We are completing important investments to expand the capacity of our terminals in Guayaquil, San Antonio and San Vicente. We also added a new port (Caldera in Costa Rica) to our portfolio early in the year and continue to explore and evaluate new business opportunities in the region,” commented SAAM’s chief executive officer, Macario Valdés.
