Arica port Jan.-Sep. net profit down 28.6%

Increased costs and lower revenue impacted Chilean Region I port Arica's state-owned operator Empresa Porturia Arica (EPA) January-September results, with EPA posting a 513mn peso (US$818,000) net profit, down 46.3% from the same period last year. For the period, operating profit fell 44.8% to 825mn pesos due to increased operating and administrative/sales costs, and revenue fell 9.9% to 3.24mn pesos, EPA said in a statement to the country's securities regulator, the SVS. EPA general manager Patricio Campana said previously that bidding rules for a concession top operate the port were expected this month. Earlier this year, President Ricardo Lagos announced that some US$15mn in investments would be required to improve operations at the port, as it has the capacity to move 2.4Mt of cargo/year, but on average moves 1.4Mt/y. However, according to preliminary information, port investments will require US$19mn in government funds, while the private sector will have to invest US$25mn-30mn. A call in January 2000 failed to attract bidders because the required private-sector investment was too high.