Net profit reached Ch$37,695 million, varying by Ch$113,930 million from the net loss of Ch$76,235 million reported in 2002. These financial results reflect to a certain extent improved market and economic conditions, but more widely reflect the results of the profound restructurings that several group companies underwent in 2002. These restructurings have allowed Quiñenco to recapture the earnings potential of its group companies and strengthen its base for the future.

Dividend cash flow amounted to Ch$74,553 million in 2003, up by 152% from the Ch$29,560 million received in 2002. Dividends mostly corresponded to distributions received from CCU, Banco de Chile and to a lesser extent, Entel. In addition, Telefónica del Sur distributed dividends of Ch$3,020 million to Quiñenco. This strong dividend cash flow facilitated debt pay down during the period. At the corporate level, financial debt dropped by more than 18% to Ch$330,038 million. Similarly, consolidated debt also showed a significant reduction in 2003, having fallen by 22% to Ch$580,419 million.