Excluding extraordinary gain of 2017, net income for the period ended in September was up 45%.
During the period, the Company inaugurated new facilities at Florida Terminal Internacional (United States) and Puerto Caldera (Costa Rica).
Santiago, November 9, 2018. SM SAAM, a company providing port, towage and logistics services, reported net income of US$ 15.1 million for the third quarter of 2018. This figure represents 73% growth over the same period last year.
These results include extraordinary income of US$ 3.7 million in dividends from Terminal Puerto Arica, which has been classified as held for sale since September 2017. Excluding this extraordinary income, the Company posted net income for the third quarter of 2018 of US$ 11.4 million, up 35% from 2017.
Consolidated Ebitda rose to US$35.7 million, up 12% from the same period in 2017, while consolidated sales increased 5% to US$126.3 million.
“The third quarter was strong for SAAM we saw a recovery in business volumes, especially at our foreign port terminals, which is great news given the competitive conditions the industry is currently facing,” commented SAAM’s CEO, Macario Valdés.
For the first nine months of 2018, the Company reported net income of US$ 35.1 million with a year-on-year variation of -31% due to an extraordinary gain of US$26.9 million in 2017 on the sale of Tramarsa. Excluding this gain, net income for the period ended in September was up 45%. Ebitda and consolidated sales, meanwhile, reached US$ 383.2 million (+12%) and US$ 106 million (+21%), respectively.
Division Results
The Port Terminals Division led SAAM’s quarterly results, thanks to an increase in the volume of cargo transferred by Terminal Portuario Guayaquil (Ecuador) and Florida Terminal Internacional (FIT). This division reported net income of US$7.7 million (+60%), while consolidated sales and Ebitda reached US$68.4 million (+16%) and US$23 million (+25%), respectively.
Highlights during the period included work to modernize Florida International Terminal, which doubled its cargo receiving capacity and the inauguration of a new container yard at Puerto Caldera (Costa Rica).
The Logistics Division reported consolidated sales and Ebitda of US$13.7 million (-10%) and US$2 million (+97%), respectively. These figures reflect the changes implemented by this division, including a more limited structure, streamlining of assets used and strengthening of services where SAAM has comparative advantages.
Lastly, the Towage Division posted net income of US$4.7 million, with consolidated sales and Ebitda of US$ 45 million (-2.5%) and US$ 14.9 million (-5.2%), respectively, which is explained mainly by decrease results in Brazil and Mexico.
