Sigdo Koppers (SK) Consolidated Revenue increased by 2.3% compared to September 2017, reaching US $ 1,678.4 million, both in Enaex and higher physical sales, depending on a higher level of sales in the industry . MAGOTTEAUX & # 39;.
Consolidated EBITDA increased by 5.9% to US $ 211.3 million in September 2018 compared to the same period of the previous year. This result has been associated with a better operating result in Magotteaux and Fepasa, and a better performance in the leasing and distribution of SK Comercial's machinery work.
Net Income, on the other hand, reached US $ 45.9 million, representing a decline of 11.5% compared to the third quarter of 2017. This is mainly due to losses in Sigdo Bridges Engineering and Construction. Work at the Talara refinery in Peru. In addition, since the deferred tax on the losses in Talara is not recorded, it has an impact on the increase of the effective tax rate.
The results of Sigdo Koppers' subsidiaries have shown mixed results in Magotteaux, a better performance and a higher level of sales in the machine distribution business in Chile, offset by a negative performance in Engineering and Construction due to problems in operations. Lower profit margin and exchange rate conditions in Peru and SK Inversiones Automotrices automobile sales business.
Performance of Affiliates
Engineering and Construction SK (ICSK)
This subsidiary recorded 13.2 million man hours (+ 17%) in parallel with the highest award projects. On the other hand, ICSK's proforma EBITDA was hit by 4,396 million COP, representing a 252% worse result than in the third quarter of last year. This operational loss is largely related to losses in the project at the Talara refinery in Peru. Thus, according to September 2017, the ICSK reported a net loss of $ 9,504 million ($ 15 million), representing a worse result for the CLP of 8.228 million. This loss also increases as deferred taxes on losses are not recorded. Talara & # 39;. The accumulation of 3Q-18 reached US $ 589 million, a decrease of US $ 39 million compared to June of this year (the output of the Talara project was US $ 47 million lower Backlog).
Port Windows (PVSA)
PVSA emphasized the higher transfers of coal and grains, with 4.3 million tonnes (+ 3%) in total. Fepasa, 823 million tons-Km (+ 14.8%) by carrying the copper concentrate in the transportation of the concentrate stressed.
Thus, Puerto Ventanas' consolidated EBITDA reached US $ 33.9 million.
13% increase as a result of better operational performance of Fepasa's subsidiary. For its part
Puerto Ventanas' Consolidated Net Income reached US $ 14.2 million.
According to September 2017, it fell by 8%.
Enaex sells 671 thousand tons of explosives (+ 7%) thanks to high services
Rock fragmentation in Brazil. Enaex's consolidated EBITDA reached USD 119.5 million
In the third quarter, a decrease of 0.8% was reported with a lower result than the service area of rock fragmentation in Chile.
Enaex's Net Profit reached US $ 55.6 million, representing a 5% decline.
About September 2017
Magotteaux realizes sales of $ 528 million (+ 6%) with higher physical sales (+ 1%)
mainly in casting business. Magotteaux's EBITDA reached US $ 45.8 million, a 25% increase from September 2017 in the third quarter, driven by the recovery in operating margins. Thus, Magotteaux made a net profit of US $ 10.9 million in 2017, which means a 58% increase compared to September 2017.
Commercial SK (SKC)
SK Comercial earned $ 193 million (+ 1.3%) in revenue.
sale of machinery. EBITDA reached US $ 25.6 million.
In the same period until 2017. As of September 2018, SKC posted a net profit of US $ 1.2 million.
mainly in Chile, the machine market with a slight recovery was announced.
SKC remarkable profits from the sale of a piece of land in the process of restructuring. Peru's leasing of machinery leasing is still very contracted.
SKBergé / SK Automotive Investments (SKIA)
According to September 2017, SKBergé increased its sales by 19% to 68,773 units. This increase in sales was evident both in Chile (+ 28%) and abroad (+ 8%). Despite the aforementioned, SK Inversiones Automotrices recorded a net profit of $ 10,157 million (US $ 17 million), lower than the low operating and operating margins in the same period of 2017 (CLP -26%). losses due to exchange rate differences (strong depreciation of the Argentine Peso in the second and third quarters of 2018).