CSAV profits US$ 34.3 million in Q2, 2013

CSAV made a net profit of US$ 34.3 million during the second quarter of this year, reflected in its most recent financial report.

The amount positively compares to the US$ 140.2 million less recorded in the same period of 2012, thus showing an improvement of US$ 174.5 million in its results.

The profit Q2 of 2013 includes an extraordinary positive impact of US$ 74 million, mainly explained by the pre-payment of the debt the company had with American Family Life Assurance Company (AFLAC).

Given the aforementioned, during Q1 of 2013, CSAV recorded a loss of US$ 61.6 million versus the US$ 345.5 million loss recorded in the same period of 2012, showing a significant improvement of US$ 283.9 million.

The results of Q1 this year are positively influenced by a non-repeatable net effect of US$ 34 million dollars, which is composed of the US$ 74 million profit already mentioned and the provision of US$ 40 million recorded in the previous quarter.

On the other hand, during Q2 of 2013, the company again improved in the unitary operational cost versus the same period of the previous year, progress that has been consistent in recent periods.

The CEO of CSAV, Oscar Hasb-, stated that the outcome is the result of a more efficient cost structure, together with better vessel utilization rates and a greater proportion of owned fleet, essential aspects for the new business model promoted by the company.

Likewise, he highlighted the progress shown by the company in the last quarter in a scenario in which freight rates remain lower than historical levels and there are high prices of bunker, the main resource of the industry. < Korea Shipping Gazette >