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Chile's Copec Rises to One-Year High on Profit, Commodities

By Nathan Gill and James Attwood
     June 1 (Bloomberg) -- Empresas Copec SA, Chile’s biggest forestry company, rose to the highest in almost a year as first-quarter profit matched some analysts’ estimates and raw-material prices advanced.
     Copec climbed 1.4 percent to 7,190 pesos in Santiago trading, the highest since June 13. The stock extended a gain this year to 48 percent after tumbling 46 percent in 2008.
     Copec’s first-quarter net income fell 69 percent to $80.6 million from $263.9 million a year earlier, according to data posted on the Web site of Chile’s securities regulator.
      “Earnings were basically in line with what the market expected,” Hernan Guerrero, an analyst at FIT Research Corredores de Bolsa SA, said today by telephone from Santiago. The loss was less than the 71 percent drop the brokerage forecast, Guerrero said.

     The Reuters/Jefferies CRB Index of 19 raw materials rose the most in two months today as the dollar weakened and manufacturing increased in China. The gauge surged 14 percent in May, the biggest monthly gain since July 1974, on signs of an improving economic outlook.

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