Chile forestry company Empresas CMPC nine month profit doubles

SANTIAGO, Oct 25 (Reuters) - Chilean forestry and paper company CMPC (CAR.SN: Quote, Profile , Research) said on Thursday its profit in the first nine months of the year more than doubled as world prices for wood pulp rose and production volumes grew.

The company said its profit in the Jan-Sept period was 188.389 billion pesos ($368.5 million) compared with 85.518 billion pesos in the year-ago period.

Revenue for the period rose 26 percent to 1.183 trillion pesos. However the company said that in dollar terms the increase was 32 percent, led by growth in wood pulp sales.

"During the period wood pulp prices rose," the company said in a statement, citing a reduction in North American production and booming demand in China and Europe.

The company's intensive investment in pulp production capabilities over the past three years also yielded benefits.

"Additional production capacity, greater forestry harvest volumes and favorable price scenarios had a positive impact on the company's operating results," CMPC said.

Here is the full article.