Coelce net profits down to US$13.5mn in 2004

Brazil's state power distributor Coelce posted 36.5mn-real (US$13.5mn) net profits in 2004, 60% down on 2003, Agência Estado reported, citing a company statement. Net revenues increased 29.6% to 989mn reais to 6,140GWh on the back of 4% sales growth. Residential consumption increased 6.3% to 1,916GWh last year, industrial demand rose 4.5% to 1,774GWh and commercial sector consumption climbed 4.5% to 1,774GWh. Coelce's number of total clients increased 3.5%, to 2.33 million. At December 31, 2004, Coelce's debt stood at 642mn reais, 47mn reais less than on the same date in 2003. Short-term liabilities made up 16% of total debt compared to 36% in December 2003. Coelce is 100%-owned by Endesa Spain through a number of indirect stakes.