CSAV archivia the first trimester of 2012 with a net loss of 202,9 million dollars



Shipowning society Chilean CSAV (Compañía American South de Vapores) has archived item the first trimester of the 2012 with a net loss of 202,9 million dollars respect to a net loss of 182,0 million dollars in the first three months of 2011. The revenues are diminished of 42.8% attesting itself to 832,1 million dollars regarding revenues (riclassificati) for 1,454, 5 million dollars in the first trimester last year.

The reduction of the operating activity, with the decrease of the offered marine services from the company, and the reduction of other expenses, between which those for staff, it has determined a decided contraction of the operating costs, that they are come down of 39.4% to 958,7 million dollars regarding 1.581, 1 million dollars in the period January-March last year.

Operating result and result before taxes have been negatives respective for -175,3 million and -192,6 million dollars regarding results negatives for -197,3 million and -196,1 million dollars in the first trimester of 2011.

In the course of the first trimester of the 2012 CSAV it has completed the plan of restructure of the operating activities and of the resources financial institutions of the group decided in according to trimester last year and focused on the centralization of the business strategy on the marine lines that serve the more important markets for the Chilean company and on it stipulates of operating agreements with other societies of navigation. The company has specified that, with the performance of the plan, "CSAV it has reached the structure of marine services and the fixed operating dimension".

The plan previewed the reduction of 50% about of the ability to transport of the fleet of the CSAV regarding that operated in the first semester of the 2011 and increase of the efficiency through the employment of the ships of greater ability to the CSAV in everyone of the services operated in collaboration with other companies, measure that has carried the Chilean company to increase the volume of the operating activities realized with other marine carriers from a medium percentage of 35% about to half 2011 to current 90% approximately.

Moreover the plan has involved the increase of the quota property of the fleet of the company through the reduction of the ability operated from the company and the support of the investment program in new ships financed partially with increases of capital, measure that will allow with CSAV to at the end increase the ability to transport of the fleet of property from 7% 2010 to about 35% in the third trimester of 2012, let alone the improvement of the organizational structure of the society and the implementation of processes and informative systems, measures that have determined the elimination of the three hierarchical levels and the reduction of the staff of about 700 units all over the world.