Chile's CAP SA recorded net earnings of $45.1 million in Q1 and earnings before interest, taxes, depreciation and amortization (EBITDA) of $137.2 million, down 46.4 percent and 31.5 percent, respectively from Q1 2012.
The company said the drop stemmed from labor strikes at certain ports in Chile in March, which delayed shipments. Further, profit was negatively impacted by lower iron ore stocks. Sales for the company also declined significantly, falling to $486.6 million compared to $593.1 million in the same quarter a year ago.
Source:
http://www.steelorbis.com/steel-news/latest-news/cap-sa-reports-46-percent-earnings-drop-757770.htm
