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Chile's Copec beats third-quarter expectations on forestry arm

Chilean commercial corporation Empresas Copec published a betterthanexpected thirdquarter net earnings on Thursday, backed by more powerful outcomes from its forestry arm.

Copec's net profit landed at $404.3 million, above the $ 346.59 million predicted by experts surveyed by LSEG and reversing a net loss of $30.96 million in the exact same period last year.

Incomes stood at $7.12 billion for the quarter, also beating the LSEG quote of $6.95 billion and somewhat above the $7.09 billion reported in 2015.

Copec's forestry arm Arauco benefited as pulp volumes rose 21% and rates rose 13%.

Production likewise rose from a year-ago quarter that was struck by an arranged shutdown, Copec stated in its earnings report, noting the Valdivia plant was halted from April to August last year.

Arauco accounts for the bulk of Copec's profits, though the company also runs a large fuel-distribution business, holds stakes in mining and runs a fleet of fishing ships and factories.

Copec's core profits, or profits before interest, taxes, depreciation, and amortization

(source: Reuters)