Profits at Chile's Copec surge in second quarter, boosted by forestry arm
Adds forecasts, details from statement
Aug 14 (Reuters) -Chilean industrial conglomerate Empresas Copec COPEC.SN posted on Wednesday an almost five fold jump in second-quarter net profit compared to the same quarter last year, driven by its forestry unit.
Profits for the quarter beat expectations, landing at $288 million.
Meanwhile, revenues in the April-to-June period were up more than 3% to reach $7.1 billion, according to the company, which also reported that earnings before interest, taxes, depreciation and amortization (EBITDA) surged nearly 80% to total $768 million.
Analysts polled by LSEG had forecast quarterly profits of $248 million, EBITDA of $721 million and $7.5 billion in revenue during the three-month period.
Copec's forestry arm Arauco ANTCOC.UL reported a higher operating result helped by higher volumes and higher pulp prices, as well as lower unit sales costs of all fibers, the company announced in a statement.
Arauco accounts for the bulk of Copec's earnings even though the conglomerate also operates a significant fuel distribution business as well as mining stakes and a fleet of fishing ships and factories.
Reporting by Brendan O'Boyle and Fabian Andres Cambero; Editing by David Alire Garcia
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