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The company attributed the market's reaction to the reduction in profit projections of its main shareholder.
By a letter, the Stock Exchange of Santiago, asked explanations to Compañía Sudamericana de Vapores, about crash that record their actions, with a fall of 17.22%.
"The shares issued by the company recorded transactions at a price of $ 18.69 each, recording a variation of -16.59%, accumulating in the current week a decrease of 22.7%", says the document.
Faced with this, the Stock Exchange asked Vapores to inform it "as soon as possible, of any particular circumstance or of any relevant fact that could explain such significant variation".
The company's response, said the fall is related to an ad hoc communication issued today by the German shipping company, Hapag-Lloyd AG. The company presented a profit warning when it lowered its guidance for Ebit and Ebitda in 2018.
The German shipping company is e the largest shareholder of the company, reducing predictions announced today would have affected the shares of Vapores SA
The foreign company explained that the outlook was affected by a significant and continuous significant increase in operating costs since the beginning of the year, particularly in the costs of fuel and vessel rental rates, combined with a slower than expected recovery of freight rates. "These developments can not be fully offset by the cost reduction measures that have already begun," the company said.
Thus, the new projections badume an EBIT of between 200 million euros and 450 million euros (Ebit at December 31, 2017: 410.9 million euros) and a Ebitda in a range of between 900 million euros and 1,150 million euros (Ebitda at December 31, 2017: 1,054.5 million euros).
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