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29 April 2004 - Chilean generator Endesa posted net profits of 8.03bn pesos ($13m) for the first quarter of 2004, 66.5 per cent down from the same period 2003, reported Business News Americas Tuesday.
The company attributed 60 per cent of the fall to taxation, lower income from subsidiaries and exchange rate effects, and 40 per cent to a lower operating result from operations in Chile.
Operating profits fell 7.59 per cent to 89.7bn pesos, and non-operating losses increased 26.7 per cent to 53.8bn pesos
By country, operating profits in Chile fell 28 per cent to 33.3bn pesos because of a 6.7 per cent fall in operating income and a 23.9 per cent increase in variable operating costs. In Argentina, operating profits increased 18.4 per cent from 1Q03 to 9.15bn pesos, mainly because of better results from generation subsidiary Central Costanera, which increased spot market sales.
There was no traffic on the Cien interconnection between Argentina and Brazil, and in Brazil Endesa's Cachoeira Dourada (CDSA) subsidiary posted a 216mn peso loss, compared to a 3.79bn peso profit in 1Q03. Despite selling approximately equal volumes of power to local distributor Celg as in 1Q03, CDSA has been unable to bill Celg for all the power sold this quarter because of an ongoing legal dispute, Endesa's statement said.
In Colombia, Endesa's Emgesa and Betania subsidiaries increased profits 33.5 per cent to 29.5bn pesos, and in Peru Endesa's operating profits increased 4.5 per cent to 18.4bn pesos.
The company cut its total liabilities by 16.2 per cent since 1Q03 to 5.58tn pesos at end-1Q04. The refinancing measures taken over the last 12 months have allowed Endesa to save US$5.7mn a year in financial expenses, the company told the SVS.
At end-March 2004, long-term debt represented 82.1 per cent of the total and short-term debt 17.9 per cent, compared to 69.5 per cent and 30.5 per cent respectively at end-March 2003.
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