CSAV reports loss of $342.8m in third quarter

CSAV, the Chilean shipping company, has announced a net loss of $342.84m for the third quarter of 2011, resulting in a fourth successive quarter of net losses. The third quarter performance is also in stark contrast to the same period of 2010, when the company announced a net profit of $149.47m.

In total, CSAV has now accrued a net loss of $876.98m for the first nine months of 2011, compared with a $188.7m net profit in the previous year.

The company also announced it has signed a credit agreement with the international financial institution Banco Latinoamericano de Comercio Exterior S.A. for $100m, which is secured by a pledge over 14% of the shares of its subsidiary company SAAM. CSAV reported that the proceeds would allow the company to improve its liquidity position.

The credit agreement is in addition to a $1.2bn capital injection the company received earlier in the year through the issuance of new stock. As part of the restructuring plan the company also separated its cargo shipping business from its port and terminal operation business (operated by its subsidiary SAAM), in an effort to promote growth in the latter.

Quelle: eyefortransport
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