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Colbun increases Jan-Sep profits 174%

Bnamericas
Chilean generator Colbun more than doubled consolidated net profits for the year through September, posting a 174% increase from last year to 66.6bn pesos (US$105mn) with the country's securities regulator, SVS. Operating revenues increased 18.2% to 131bn pesos, and although operating costs increased 10.8% to 67.6bn pesos, Colbun increased its operating profit 28% to 59.7bn pesos. Physical power sales increased 3.33% from 3Q02 to 5,506GWh at 3Q03, due mainly to greater numbers of and consumption by unregulated clients, and to a lesser extent growth from the regulated sector. Hydro generation fell 0.97% to 3,578GWh and thermoelectric generation increased 12.4% to 1,928GWh. The company turned round 20.5bn 3Q non-operating losses in 2002 to 9.56bn profits this year, helped by a stronger peso compared to the US dollar and higher profits from investment in related companies. Belgium's Tractebel controls Colbun.

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