UPDATE: Chile Enersis 1Q Net Profit +5% On Year To CLP100.66 Billion
26 April 2012 - 6:05AM
Dow Jones News
Enersis SA's (ENI, ENERSIS.SN) first-quarter net profit gained
5% year-on-year to 100.66 billion pesos ($206.91 million), the
Chilean energy holding company reported Wednesday.
The gain was due to a 6.4% increase in power demand in Chile,
Brazil, Peru and Argentina, the company said in a statement.
Enersis noted that its balance sheet also saw effects of
converting the results of its operations abroad into Chilean pesos
for reporting purposes.
When converting from Brazilian reais and Argentine pesos,
results in the Chilean currency decreased 4.3% and 6.2%,
respectively.
But when converting from Colombia pesos and Peruvian soles into
Chilean pesos, results from those countries increased 6% and 5.1%,
respectively.
The company's first-quarter earnings before income taxes,
depreciation and amortization, or Ebitda, grew 14.4% year-on-year,
to CLP497.03 billion, while earnings per share rose 5% to
CLP3.08.
Income for the first quarter increased 4.4% on the year to
CLP1.66 trillion, the company said.
Enersis owns power generation, distribution and transmission
businesses in Argentina, Brazil, Chile, Colombia and Peru.
The company said improved results from its generation units in
Colombia and Peru helped to offset reduced contributions from power
production in Argentina and Chile.
Generation costs in Chile rose due to higher fuel costs as many
generators have been forced to reduce hydrogeneration due to
drought conditions and opt for more expensive fuels such as coal
and diesel.
In Argentina, average energy prices fell while personnel
expenses increased, the company said.
In Colombia, meanwhile, Enersis saw power sales increase as a
result of higher hydroelectric generation, it said. Enersis added
that in Peru, average energy prices increased 17% and power sales
inched up 2% during the first quarter of the year.
Spain's Endesa SA (ELEZY, ELE.MC) owns Enersis, which in turn
owns Chile's largest power generator, Empresa Nacional de
Electricidad SA (EOC, ENDESA.SN).
Enersis' shares on the Santiago Stock Exchange closed 1.7%
higher at CLP198.00 as investors applauded the strong earnings,
while the IPSA select index ended just 0.04% higher.
In the past 52 weeks, Enersis has traded at a high of CLP218.48
and a low of CLP169.20.
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919;
carolina.pica@dowjones.com
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