Consolidated Revenues from Sigdo Koppers (SK) increased by 2.3% compared to September 2017, reaching US $ 1,678.4 million, in line with the higher level of sales in the industrial area, explained by the increase in physical sales of both Enaex as in Magotteaux.
Consolidated EBITDA stands out in September 2018, reaching US $ 211.3 million, 5.9% higher than the same period of the previous year. This result is associated with a better operating result in Magotteaux and Fepasa, and better performance in SK Comercial's machine leasing and distribution business.
On the other hand, Net Income reached US $ 45.9 million, representing a decrease of 11.5% in relation to the third quarter of 2017, mainly due to the losses recorded at Sigdo Koppers Engenharia e Construção, which work at the Talara refinery in Peru. This also has an effect on the increase in the effective rate, since the deferred taxes associated with such losses in Talara are not being recorded.
The results of the subsidiaries of Sigdo Koppers show mixed results highlighting better performance in Magotteaux and a higher level of sales in the machine distribution business in Chile, offset by a negative performance of the Engineering and Construction business due to problems in operations in Peru and lower profit on SK Inversiones Automotrices product of lower margins and foreign exchange conditions in the car sales business.
Engineering and Construction SK (ICSK)
This subsidiary registered 13.2 million man hours (+ 17%), in line with the highest level of winning projects. On the other hand, ICSK's pro forma EBITDA recorded a loss of 4,396 million COP, which represents a very bad result of 252% compared to the third quarter of last year. This operating loss is largely related to project losses at the Talara refinery in Peru. As a result, ICSK posted a net loss of US $ 9,504 million (-US $ 15 million), which represents a worse result for CLP $ 8,228 million compared to September 2017. This loss also increases, since deferred taxes losses are not being recorded. in Talara. The 3Q-18 backlog reached $ 589 million, down $ 39 million compared to June this year (the Talara project's $ 47 million lower backlog).
Port Windows (PVSA)
PVSA transferred a total of 4.3 million tonnes (+ 3%), with a highlight for larger transfers of coal and grains. Fepasa, on the other hand, transported 823 million tons-Km (+ 14.8%), especially the increase in the transportation of copper concentrate.
Thus, the consolidated EBITDA of Puerto Ventanas reached US $ 33.9 million, which
Increase of 13%, resulting from the improved operational performance of the Fepasa subsidiary. For its part, the
Consolidated Net Income of Puerto Ventanas reached US $ 14.2 million, which represents
It falls 8% compared to September 2017.
Enaex achieved sales of 671 thousand tons of explosives (+ 7%), thanks to higher services
fragmentation of rock in Brazil. The consolidated EBITDA of Enaex reached US $ 119.5 million
for the third quarter, showing a slight decrease of 0.8%, mainly explained by the lower result of the service area of rock fragmentation in Chile.
In turn, Enaex's net income reached US $ 55.6 million, representing a decrease of 5%
in relation to September 2017.
Magotteaux achieved sales of US $ 528 million (+ 6%) online with higher physical sales (+ 1%)
mainly in the foundry business. Magotteaux's EBITDA reached US $ 45.8 million in the third quarter, 25% more than in September 2017, explained by the recovery in operating margins. Thus, Magotteaux achieved a Net Income of US $ 10.9 million, which means a 58% increase compared to September 2017.
Commercial SK (SKC)
SK Comercial earned US $ 193 million (+ 1.3%), driven by the
sale of machines. EBITDA reached US $ 25.6 million, an increase of 49%
for the same period of 2017. In September 2018, SKC reported a Net Income of US $ 1.2 million,
explained mainly by a slight recovery of the machinery market in Chile, together with
profit from the sale of a piece of land in the restructuring process of SKC. The Peruvian market for machine rental still remains very much hired.
SKBergé / SK Automotive Investments (SKIA)
SKBergé recorded sales of 68,773 units, representing a 19% increase over September 2017. This growth in sales was evident in both Chile (+ 28%) and abroad (+ 8%). Despite the above, SK Inversiones Automotrices recorded net income of US $ 10,157 million (US $ 17 million), which is lower than the one obtained in the same period of 2017 (CLP -26%), due to lower operating and operating margins. losses due to exchange rate differences (strong devaluation of the Argentine peso in the second and third quarters of 2018).