Codelco expects a profit of $2.8 billion this year
According to reports, an executive told local media that Chile’s national copper company Codelco should increase its profit to US$2.8 billion this year, thanks to increased productivity and good prices, although the company is not expected to receive from the government. funds.
Board member Juan Benavides said in an interview with El Mercurio newspaper on Sunday that cost control is still the company's main focus.
The profit of state-owned companies last year was approximately US$2.1 billion, pre-tax and extraordinary items.
Benavides said the coronavirus pandemic has reduced the country’s funding to support Codelco due to the government’s support for families struck by covid-19.
"The country's demand is very large. I don't think there is a possibility of capitalization," Benavides added.
In February of this year, a Codelco executive told Reuters that no new corporate bonds should be issued this year.
One source of uncertainty is that this year, the labor contract that Codelco needs to resolve involves 9,500 workers. Benavides called on union and company negotiators to be "cautious" in the meeting.
