Chilean shipper Compania Sudamericana de Vapores SA's first-quarter loss widened nearly fivefold to $186.4 million on surging fuel costs and lower shipping rates, the company said, Dow Jones reports.
Despite its financial troubles, Vapores got a strong backing recently from the local Luksic family, reportedly Chile's richest. The Luksics purchased an 18% stake in the shipper in order to share a managerial role with the company's controllers, the Claro family.
Also, shareholders of Vapores recently approved a $1 billion capital increase in two tranches.
Vapores' sales jumped to $1.52 billion from $1.11 billion in the same year-ago period.
Despite its financial troubles, Vapores got a strong backing recently from the local Luksic family, reportedly Chile's richest. The Luksics purchased an 18% stake in the shipper in order to share a managerial role with the company's controllers, the Claro family.
Also, shareholders of Vapores recently approved a $1 billion capital increase in two tranches.
Vapores' sales jumped to $1.52 billion from $1.11 billion in the same year-ago period.