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Forestry of the Angelini group returns to profits after a strong improvement in revenues from pulp

The forester of the Angelini group, Arauco Pulpreversed the losses that marked fiscal year 2023, and In the first three months of 2024, it recorded profits of US$100 million.

The result of the first quarter of the year was explained by a strong improvement in revenues for the period, which reached US$1,655 millionmarking an increase of 19% compared to the US$1,439 million registered during the same previous period.

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Meanwhile, the Ebitdaa financial indicator that reflects operational cash flow, showed an improvement of 255% to US$332 million.

The increase in ordinary income was driven by the 37% increase in income from the pulp sector, which amounted to US$890 million, compared to the US$648 million seen in the same period of the previous year. In fact, according to the balance sheets, operating income from the segment represented 53.8% of the total.

In its reasoned analysis, the firm highlighted that said business segment recorded an improvement in billing of 42% from one year to the next. “There was a increase in sales volume, offset by a decrease in price. As for grades, all prices were lower except for unbleached pulp,” the firm stated in the document sent to the Financial Market Commission (CMF).

Arauco indefinitely suspends pulp mill operations in Licantén

In general, the forestry company commented that the global pulp market was “quite active in Europe in terms of demand” during the first quarter, while “in the other markets demand remained relatively constant.”

“Global short fiber pulp inventories ended 2023 at a low level, however, they increased throughout the quarter. In relation to long fiber inventories, these remained relatively stable,” they noted.

According to the firm, Production in the first quarter of 2024 was 52% higher to the production of the same period of the previous year. “The above is due to the start-up of Line 3 of Arauco that began in January 2023, due to the unscheduled stoppage of the Constitución plant, the unscheduled stoppage of the Argentine plant, and the stoppage of the Plant for a few days. Nueva Aldea due to the fires,” he explained.

Meanwhile, he explained that the decision to indefinitely suspend the pulp manufacturing process at the Licancel Plantlocated in Licantén, in the Maule region, has had effects by carrying out provisions for asset impairment, reaching US$61 milliona figure that “includes property, plant and equipment and spare parts inventory.”

The improvement in the pulp business contrasts with what happened in wood, where revenues fell 3% to US$764 million, and the other business units reported a contraction of 27% to US$135 thousand.

Meanwhile, sales costs rose to US$1,146 million, marking an increase of 10% from one year to the next. In this, the wood segment and the effect of depreciations explained a large part of the higher marketing expenses.

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