Cemento Polpaico reports 17% rise in 1H revenues, 1H profits are down

Cemento Polpaico SA reported revenues of CLP178.053bn (US$201.8m) in the January-June 2022 period, up 16.9 per cent when compared with CLP152.376bn in the January-June 2021. The Chilean cement producer has attributed the increase in revenues mainly to “the updating of the price level in all businesses as a result of the strong increase in the costs of production and distribution resulting from rise in inflation, rise in the exchange rate, rise in the cost of fuel and the increase in the cost of main raw materials in recent months".

With a sharp rise in sales costs from CLP97.962bn in the 1H21 to CLP124.05bn in the 1H22, gross profit declined from CLP54.413bn to CLP54.003bn in the same period.

Profit before tax turned from CLP9.361bn to a loss of CLP2.832bn as distribution, administration and financial expenses saw significant increases.

Net profit declined by 76.9 per cent from CLP6.833bn in the January-June 2021 period to CLP1.576bn in the equivalent period of this year.