Compañía Sudamericana de Vapores reported a net loss of $96 million in the first quarter of 2013, improving 53.2 percent from a net loss of $205.2 million in the first quarter of 2012.
The quarterly result includes a provision of $40 million that the CSAV board decided to make to cover possible costs that the company might incur as a result of investigations into breaches of free competition regulations in the car carrier shipping business, the Chilean shipping company said in a written statement.
Excluding this provision, the operating loss in the first quarter shrank 69.3 percent from $176.8 million in 2012 to $54.2 million in 2013.
“For another consecutive quarter, CSAV has a more efficient costs structure compared to the company’s historic performance,” said Oscar Hasbύn, CEO of CSAV.
“The industry’s situation continues to show volatility as a result of oversupply and global economic news so, as we have anticipated, the year continues to be a challenge,” he continued. “Nevertheless, we expect that the weak financial position of most of the industry players will be a catalyst for permitting rates to recover from their present level in the next quarters.”
[Ed. — Updated on May 31, 2013, to incorporate a correction issued by the company to its earlier release.]