May 9 (Reuters) - Chilean industrial conglomerate Empresas Copec on Thursday posted a net profit up 47% for the first three months of 2024 as its forestry and energy units boasted better results.

Quarterly net profit landed at $227.85 million from revenues down 3% to $7.27 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA), meanwhile, rose 33% to $846 million.

Analysts polled by LSEG had predicted a net profit of $260.50 million from revenues of $7.55 billion.

Copec's forestry arm Arauco posted an increase in revenues on higher volumes of pulp and wood products, though prices dipped. Some of its expenses were also lower from the year-ago quarter, when plants shut down and damage was caused by forest fires.

Prices and demand for pulp improved in Europe, Copec said, on a drop in paper supply from Asia, logistical issues at the Suez Canal and the closure of paper mills. In China, pulp demand picked up after the Chinese New Year though wood demand has been affected by a sluggish local economy.

The company, which ships pulp and wood panels largely to Asia and North America, saw its profits plunge last year as it suffered from floods, droughts and forest fires - events linked to the El Nino weather phenomenon and climate change.

Arauco accounts for the bulk of earnings though it also has a significant fuel distribution business as well as mining stakes and a fleet of fishing ships and factories.

Meanwhile in Copec's energy division, operating incomes rose due to an increase in volumes moved through the gas station channel in Chile and a favorable inventory revaluation effect in Colombia and Chile.

Copec plans to invest $1.7 billion this year, the firm said, with 70% of those funds going to forestry, 25% to energy and the rest going to fishing and other segments. (Reporting by Kylie Madry; Editing by Brendan O'Boyle)