CSAV Earns First Quarterly Profit Since 2010

Compania Sud Americana de Vapores SA csavChilean shipper Compania Sud Americana de Vapores SA (VAPORES.SN) posted a quarterly profit for the first time in two years.

The company reported a net profit of $55.8 million in the third quarter compared with a loss of $342.8 million in the same period of 2011, according to a late Tuesday filing with the local securities regulator.

The positive third-quarter results came after the company underwent a restructuring process that started in 2011 and included a spinoff, reducing its operations and reorganizing its shipping services.

Vapores reported revenue of $854.7 million for the July-September period, a 26% decrease year-on-year.

Graciela Ibanez, (c) 2012 Dow Jones & Company