Central Puerto posts Jan-Sep US$45.4mn profits

Argentine thermo generator Central Puerto posted nine month profits of 45.4mn pesos (today US$15.8mn), turning round losses of 279mn pesos in the same period last year, the company said in a statement to the Buenos Aires stock market. However, the company racked up third quarter losses of 26.6mn pesos, after making 37.3mn peso profits in 3Q02. The company blamed this on exchange rate differences due to the revaluation of the peso. Operating profits were 26.1mn pesos January-September 2003, compared to losses of 30mn pesos in the same period last year. Operating costs fell 20.2% to 166mn pesos. Net profit to end-September 2003 was equivalent to 0.513 pesos per share compared to a net loss of 3.15 pesos per share for the same period last year. The company recorded a 58.4mn peso gain from the application of deferred tax benefits from January to September 2003. Pre-tax losses over the period were 12.9mn pesos compared to 255.6mn pesos compared to last year. Sales rose 4.9% to 210mn pesos, due principally to a rise in capacity prices and an increase in the amount collected from capacity sales. Energy prices increased over the period with respect to last year due to strong restrictions on gas, a rise in demand and less hydro generation. Gross profits in the first nine months of the year were 43.5mn pesos compared to gross losses of 8.5mn pesos in the same period last year, mainly because of lower average fuel prices per MWh generated and lower power purchases. Administration and sales costs fell 19.1% to 17.4mn pesos.