Latin America's second-quarter earnings season is under way. FT Tilt will compile a highlight reel featuring results from some of the region's largest companies and most actively traded shares. Hyperlinks are to the relevant company statements. Given its heft, a separate post on Brazilian earnings can be found here.
Grupo Financiero Galicia - Banking
Argentina's biggest consumer lender said net income surged to 249m pesos ($60m) in the second quarter, up from 46.4m pesos in the same period last year. Financial income, which includes interest payments received, rose to 1.38bn pesos from 803.5bn pesos a year ago. The company's Banco de Galicia y Buenos Aires subsidiary accounted for the bulk of its profits, though its Sudamerica Holding unit was also in the black. Provisions for loan losses during the second quarter rose to 191.9bn pesos, up from 115bn pesos a year earlier.
Bancolombia - Banking
Colombia's biggest lender had net income of 386bn pesos ($218m) in the second quarter, a 32.4 per cent increase from the same quarter a year earlier. Net interest income rose 17.2 per cent in the quarter to 983.6bn pesos. Total assets rose 20 per cent to 75.15bn pesos.
Telecom Argentina - Telephone
The Argentine telephone company's net income rose 30 per cent in the second quarter to 588m pesos ($142m), as sales increased 29 per cent to 4.49bn pesos. The company said that in the first half of the year mobile sales rose 35 per cent.
Ferreyros - Heavy Equipment
The Peruvian distributor of Caterpillar heavy equipment said net income increased 116 per cent in the second quarter to $23m. Sales jumped 33 per cent to $337m. EBITDA increased 47.1 per cent to 116.9m soles. The company said that, despite political uncertainty in the first half of the year, orders from industrial clients in the mining, construction, energy and fishing industries continued to place orders.
Grupo México - Copper Mining
México's biggest copper miner said net income more than doubled in the second quarter to $657m as production and prices increased. Sales rose 38.7 per cent to $2.7bn, and EBITDA increased 58.7 per cent to $1.39bn. Output increased as the company restarted operations at its Buenavista mine in Sonora state, where it aims to increase production 150 per cent to 450,000 tons.
Almacenes Éxito - Retail
The Colombian retailer said net income surged 95.6 per cent in the second quarter from a year earlier to 65.6bn pesos ($37.3m), as sales increased 21 per cent to 2.1bn pesos. Sales costs rose 21.2 per cent during the quarter, and financing costs increased 66.2 per cent to 45.7bn pesos. EBITDA increased 28.7 per cent to 164bn pesos.
Tenaris - Pipes
Sales rose 21 per cent in the second quarter to $2.4bn, while net income increased just 3 per cent to $304.7m. The Luxembourg-based company, which has significant operations in Argentina, said earnings per share rose 2 per cent to 24 cents, and EBIDTA increased 3 per cent to $548.4m. Sales were constrained in the quarter by lower growth in Canada and lower shipments to deepwater pipe projects, and higher costs affected operating income. The company said it expects global drilling activity to boost demand going forward, especially in the Middle East and North America, and that more complex projects will stimulate demand for high-end products.
Ternium Siderar - Steel
The Argentine steelmaker's net income fell 28 per cent in the second quarter to 576.5 million pesos ($139 million), even as sales jumped 25 percent from the same quarter a year earlier to 3bn pesos. Earnings per share fell to 1.66 pesos from 2.29 pesos a year ago. The company said profits fell primarily because of rising costs for primary materials. Siderar is majority owned by Ternium, a company controlled by Argentine conglomerate Techint, and has steel operations in Argentina and Mexico.
MercadoLibre - e-commerce
Latin America's leading e-commerce platform reported net income of $14.8m in the second quarter, up 27 per cent from a year earlier. The Buenos Aires-based company said net revenues jumped 32 per cent in the quarter to $69.4m in the three months ending in June. Gross merchandise volume, which measures the total of all transactions completed through MercadoLibre sites, rose 33.8 per cent to $1.07bn. The company said revenue growth was hurt by its decision to begin preselling credit card receivables in the third quarter of last year, which is designed to improve credit risk.
Banco Santander Chile - Banking
Net income rose a modest 1.9 per cent in the second quarter to Ch$141.5bn pesos ($309m), as return on average equity reached 30.5 per cent, up from 25 per cent in the first quarter, but down from 33.8 per cent in the second quarter of 2010. Operating expenses rose 6.1 per cent YOY. Santander has the largest loan portfolio in Chile, and total credit increased by 19.5 per cent in the second quarter from a year earlier, led by a 37.8 per cent annual increase in credit card loans.
Endesa - Electricity
Net profits fell 44 per cent to 64.9bn pesos ($142mn) in the second quarter at Chile's largest electric power generator, as revenue declined to 596bn pesos from 626bn pesos the same quarter a year earlier. Earnings per share fell to 12.76 pesos. The company, which has operations in Chile, Argentina, Peru and Colombia, saw higher energy costs and declining sales in the Chilean market during the quarter. Enersis, a unit of Spain's Endesa SA and the controlling shareholder of Endesa Chile, reported second quarter net income of 106bn pesos, little changed from a year earlier.
Cemex - Cement
The Monterrey, Mexico-based cement maker posted its seventh straight quarterly loss, as sales in the US continued to decline. The company had a net loss of $294m, smaller than the $306m loss in the same quarter a year earlier. Overall sales rose 9 per cent to $4.1bn, even as sales in the US and Asia contracted 9 per cent. Operating EBITDA fell 7 per cent to $615m, and the operating EBITDA margin fell 2.6 percentage points to 15 per cent.
Walmart de México - Retail
México's biggest retailer said its quarterly net earnings fell 3 per cent y-o-y to 4.49bn pesos ($387mn), even as sales increased 9 per cent to 87.9bn pesos. Sales costs rose 10 per cent in the quarter to 69bn pesos, and EBITDA was little changed at 7.7bn pesos. The company said it invested heavily in new stores, remodels and logistics during the quarter.
Grupo Televisa - Television
Carlos Slim's Mexican broadcast and cable television company notched 1.8bn pesos ($155 million) in profits in the second quarter, unchanged from the same quarter a year earlier. Sales rose 4.7 per cent to 15.1bn pesos.
Ecopetrol - Oil
The Colombian state oil company's net income jumped 89 per cent in the second quarter to 3,414bn pesos ($1.9bn), on 13,822bn pesos in revenue. EBITDA increased 88 per cent to 6,843bn pesos in the quarter, and earnings per share jumped to 84.36 pesos from 44.60 pesos in the same quarter a year earlier. Production grew 22.3 per cent in the second quarter, and exports increased 36.8 per cent. In June the company sent its first oil tanker to China. The board will meet in Bogota on Friday to approve the terms, and decide on the timing, of a new share sale.
América Móvil - Mobile telecommunications
Carlos Slim's América Móvil, the biggest wireless company in Latin America, saw net income rise 14 per cent to 24bn pesos ($2.1bn) in the second quarter. Revenue increased 7.8 per cent to 159.7bn pesos, and EBIDTA was up 1.8 per cent to 62bn pesos. Net income in the first half of the year was up 13 percent to 47.7bn pesos against the same period last year.
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