Compañía Sud Americana de Vapores posted a net loss of $23.9 million in the fourth quarter of 2012, mainly because of a $20.3 million charge for discontinued operations, the Chilean shipping company said in a written statement.
Net income in the second half of 2012 totaled $31.9 million, compared with a net loss of $754.9 million in the same period in 2011 and $345.5 million in the first half of 2012.
CSAV reported operating income in the fourth quarter of 2012 totaling $8.4 million, improving from an operating loss of $158.1 million in the same period in 2011. The fourth quarter marked the second consecutive period of operating income, with $37.3 million recorded for the third quarter.
In the second half of 2012, the company obtained an operating income of $45.7 million, compared with a loss of $512.9 million in the same period in 2011. This positive change in operating results for the second half of 2012 explains the recovery in net earnings, the company said.