Cemento Polpaico reports CLP2.1bn loss in 2018

Chilean cement producer Cemento Polpaico, in which the Hurtado Vicuña family holds the controlling stake, has reported net losses of CLP2.139bn (US$3.2m) in 2018, exacerbating net losses of CLP1.043bn m noted the previous year.

The company revenues increased 23.1 per cent YoY to CLP166.549bn in 2018 from CLP135.326bn in 2017. However, while gross profits increased 29.9 per cent to CLP55.23bn, “Other profits/losses” noted a loss of CLP9.869bn. In addition, the company also faced relatively higher distribution costs of CLP35.33bn, up 27.2 per cent.