Oil & Gas
Copec, the industrial giant, posts a 15% increase in Q4 profits on forestry gains
Empresas Copec, a Chilean conglomerate of industrial companies, announced a 15% increase in profit for the third quarter of 2024 thanks to higher pulp volumes and lower cost at its Arauco forestry unit. Arauco is the main source of Copec’s income, but Copec operates a large fuel distribution business, has stakes in mining, and also runs a fleet and factory of fishing vessels. The company's profit in the fourth quarter was $191 million, compared with $166 million one year ago. Earnings before interest, tax, depreciation and amortization (EBITDA), however, fell 1.7% to 644 million, while revenues dropped 6.4% to $6.77...