Feb 27 (Reuters) - Chilean industrial conglomerate

Empresas Copec on Thursday posted a profit for the

last three months of 2024 that rose 15% thanks to larger pulp

volumes and lower costs at its forestry unit, Arauco

.

Arauco accounts for the bulk of Copec's earnings, though

Copec also operates a sizeable fuel-distribution business, holds

stakes in mining and runs a fleet of fishing ships and

factories.

The firm's profits in the fourth quarter landed at $191

million compared to $166 million a year earlier, while earnings

before interest, taxes, depreciation, and amortization (EBITDA)

edged down 1.7% to $644 million and revenues dipped 6.4% to

$6.77 billion.

The results landed below the forecasts of analysts

polled by LSEG, who had predicted a quarterly net profit of

$209.9 million, EBITDA of $680.1 million and revenues of $7.03

billion.

Copec said it had made progress on its "Sucuriu

Project," in Brazil, with construction set to start in April on

the $4.6 billion pulp mill that is set to produce some 3.5

million metric tons of dry cellulose a year.

Copec has said production should begin the last quarter of

2027. On Thursday, Copec said it had spent $126 million on the

project last year.