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Chilean CAP posts 34%net profit drop in Q2
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CAP, a Chilean holding company of the mining and steel sectors announced that its net profits totaled US$124.4 million in the second quarter of this year, falling substantially by 34% in comparison of US$188.3 million in the same period of a year earlier.
In the first half of this year, CAP’s net profits slumped by 22.5% year on year to US$240.2 million.
CAP stated that the downturn of global economy caused by debt crisis in euro zone has made the firm face lower net profit. Also, it forced CAP to strengthen efforts in the Chilean domestic market.
Jaime Charles, the General Manager of CAP indicated that the domestic steel demand will stay at a good level, driven by the favorable development of the domestic economy.
CAP planned to invest nearly US$1 billion to enhance its iron ore shipments by around 50% to 18 million tons by 2015, from 11.4 million tons in 2011.
News Date
8/7/2012 3:16:12 PM
reported by
Steffan Wang
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