UPDATE: Chile Endesa 2011 Net Profit -16.2% On Year To CLP446.87 Billion
January 31 2012 - 2:52PM
Dow Jones News
Chile's largest power producer, Empresa Nacional de Electricidad
SA (EOC, ENDESA.SN), posted a 2011 net profit of 446.87 billion
Chilean pesos ($909.94 million), a 16.2% decrease from CLP533.57
billion the previous year.
The drop was due to lower reservoir water levels in Chile, which
reduced the company's production of electricity from cheaper
hydrogeneration, forcing it to turn to more expensive thermal
generation, the company said in a statement.
Endesa added that the adverse hydrological conditions in Chile
were partially offset by "the geographic diversity of the company's
investments in the region, a correct commercial policy and the
adequate generation mix."
The company's per-share earnings fell 16.3% to CLP54.50 from
CLP65.10 in 2010, Endesa said in a statement.
Its earnings before income tax, depreciation and amortization,
or Ebitda, fell 9% on the year to CLP973.89 billion from CLP1.07
trillion in 2010.
The generator has 13,846 megawatts of installed capacity in
Argentina, Chile, Colombia and Peru, and owns an equity stake in
987 MW of installed capacity in Brazil. Some 38% of Endesa's
capacity is in Chile.
Broken down by country, Endesa reported that Ebitda in its Peru
operations rose 30% on the year in 2011 to CLP141.21 billion, while
Ebitda in Colombia fell 2.4% to CLP290.82 billion.
In Argentina, Ebitda retreated 22.8% to CLP46.23 billion, while
that in Chile fell 18% to CLP495.63 billion.
Endesa is controlled by power-holding company Enersis SA (ENI,
ENERSIS.SN), which in turn is controlled by Spain's Endesa SA
(ELEZF, ELE.MC).
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919;
carolina.pica@dowjones.com
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