{"id":21633,"date":"2024-09-05T16:20:28","date_gmt":"2024-09-05T20:20:28","guid":{"rendered":"https:\/\/dev-quinenco.lfi.cl\/?p=21633"},"modified":"2025-07-21T16:22:11","modified_gmt":"2025-07-21T20:22:11","slug":"quinenco-reverses-first-quarter-losses-and-reports-earnings-of-ch105835-million-for-the-six-months-ended-in-june","status":"publish","type":"post","link":"https:\/\/qa-quinenco.lfi.cl\/en\/quinenco-reverses-first-quarter-losses-and-reports-earnings-of-ch105835-million-for-the-six-months-ended-in-june\/","title":{"rendered":"Qui\u00f1enco reverses first-quarter losses and reports earnings of Ch$105,835 million for the six months ended in June"},"content":{"rendered":"<ul>\n<li><strong>Banco de Chile and Nexans made noteworthy contributions to the holding company\u2019s results for the first half of the year. CSAV had a positive second quarter, partially offsetting the negative figures registered during the first months of the year.<\/strong><\/li>\n<li><strong>\u201cThe adjustment in freight rates during the second quarter, in comparison to the previous quarter, favorably impacted Hapag-Lloyd\u2019s results. This process has been gradual and marked by disruptions in the logistics chain arising from geopolitical tensions,\u201d explained Francisco P\u00e9rez Mackenna, Qui\u00f1enco\u2019s Chief Executive Officer.<\/strong><\/li>\n<\/ul>\n<p><strong>Santiago, September 5, 2024.-<\/strong> Qui\u00f1enco left its first-quarter losses behind, recording net income of Ch$105,835 million as of June 30. This figure is 79% lower than the same period in 2023, in line with the normalization of the holding company\u2019s performance following the record highs of the last few years.<\/p>\n<p>The company\u2019s net income for the first half of 2024 is comparable to pre-pandemic figures and the resulting disruption in the global logistics chain. The period\u2019s earnings momentum was rooted particularly in good performance at Banco de Chile and Nexans, as well as positive contributions from SM SAAM, CCU and Enex. CSAV, in turn, recorded net income in the second quarter, contrasting with its results for the first months of the year and enabling it to offset first-quarter losses. At Qui\u00f1enco corporate level, the non-recurring gain from the partial divestment of Nexans in the first half of 2023 explains an important part of the year-on-year difference in the holding company\u2019s results.<\/p>\n<p>\u201cThe adjustment in freight rates during the second quarter, in comparison to the previous quarter, favorably impacted Hapag-Lloyd\u2019s results. This process has been gradual and marked by disruptions in the logistics chain arising from geopolitical tensions,\u201d explained Francisco P\u00e9rez Mackenna, Qui\u00f1enco\u2019s Chief Executive Officer.<\/p>\n<p>The executive also emphasized the weakened economic conditions in Chile and the region: \u201cWe are in the midst of volatile economic times, with investment and consumption figures below those needed to recover dynamism. In this context, the group companies have demonstrated that they are resilient, solid and have clear long-term strategies.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/qa-quinenco.lfi.cl\/content\/uploads\/2024\/09\/Captura.jpg\" \/><\/p>\n<p><strong>Results by Sector<\/strong><\/p>\n<p>In <strong>transport, Hapag-Lloyd<\/strong> reported net income of US$782 million. While down 75.0% YoY, the figure exceeded market expectations in an industry context of lower average freight rates and a recovery in demand for containerized transport. At Compa\u00f1\u00eda Sud Americana de Vapores (CSAV), income tax expense, primarily Chilean taxes on dividends received from Germany, reduced the company\u2019s contribution to Qui\u00f1enco\u2019s results to a loss of Ch$83,813 million.<\/p>\n<p>In the <strong>financial<\/strong> segment, <strong>Banco de Chile<\/strong> recorded a 3.9% increase in net income, reporting Ch$621,255 million for the period. This performance is attributable to higher operating revenues, which partially offset higher expected credit losses, resulting from a deterioration in credit quality and loan growth, among other factors.<\/p>\n<p><strong>Nexans<\/strong>, in the <strong>manufacturing<\/strong> sector, increased its contribution to the holding company by 55.1%, driven by positive operational performance, mainly of the businesses associated with electrification, particularly generation and transmission following the expansion of the high-voltage subsea cable plant in Norway. Thus, Nexans recorded net income of \u20ac174 million for the first half of the year.<\/p>\n<p>In the <strong>beverage<\/strong> sector, <strong>CCU<\/strong> increased its net income by 5.2% to Ch$57,243 million, primarily thanks to a non-recurring gain from the sale of a real estate asset. The company\u2019s operating performance was affected by the devaluation of local currencies and lower sales volumes, reflecting the contraction of the Argentine beer market and lower demand in Chile during the second quarter.<\/p>\n<p>In <strong>port services, SM SAAM<\/strong> increased its contribution to the holding\u2019s results by 20.9%, thanks to better performance and the increase in Qui\u00f1enco\u2019s percentage ownership of the company from 61.0% in June 2023 to 62.6% as of June 2024. In air logistics, its subsidiary Aerosan experienced a significant increase in tons handled, which largely explains the improved results, combined with greater financial income and a non-recurring gain on the sale of real estate assets. Although revenue in tug boats increased, the business faced higher operating costs and the drought in the Panama Canal.<\/p>\n<p>For the <strong>energy<\/strong> segment, <strong>Enex\u2019s<\/strong> contribution to Qui\u00f1enco\u2019s results fell 73.9%, primarily due to exchange rate differences that negatively impacted the company\u2019s good operating results. It is worth noting that in the first half of 2024, Qui\u00f1enco carried out capital increases of US$105 million to strengthen Enex\u2019s capital structure in the context of its development strategy.<\/p>\n<p>Finally, at the corporate level, the unfavorable variation in net income with respect to the same period in the prior year was mainly attributable to the non-recurring gain of Ch$119 billion recorded in the first half of 2023 from the sale of Nexans shares and, to a lesser extent, a higher tax burden in the current period.<\/p>\n<p>_________<\/p>\n<p><em>With more than 65 years in business, Qui\u00f1enco is one of the most diversified and global groups in Chile. The company, along with more than 75 thousand employees of its subsidiaries and associates, develops enterprises and seeks to contribute to the progress of all the countries where it is present.<\/em><\/p>\n<p><em>Through Banco de Chile, CCU, Nexans, Enex, CSAV and SM SAAM, Qui\u00f1enco contributes to the sustainable progress of people, working with excellence, integrity and respect. More information is available at qa-quinenco.lfi.cl.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banco de Chile and Nexans made noteworthy contributions to the holding company\u2019s results for the first half of the year. CSAV had a positive second quarter, partially offsetting the negative figures registered during the first months of the year. \u201cThe adjustment in freight rates during the second quarter, in comparison to the previous quarter, favorably [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-21633","post","type-post","status-publish","format-standard","hentry","category-noticias-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/posts\/21633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/comments?post=21633"}],"version-history":[{"count":1,"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/posts\/21633\/revisions"}],"predecessor-version":[{"id":21636,"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/posts\/21633\/revisions\/21636"}],"wp:attachment":[{"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/media?parent=21633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/categories?post=21633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qa-quinenco.lfi.cl\/en\/wp-json\/wp\/v2\/tags?post=21633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}