Electroandes posts US$14.8mn profits for 2004

Peruvian generator Electroandes posted net profits of 48.4mn soles (US$14.8mn) in 2004, down 10.7% from 2003, the company told the Lima stock exchange. Gross profit in 2004 fell 17% to 96.8mn soles and operating profits were down 18.6% to 67mn soles. Sales revenues fell 7.2% year-on-year to 162mn soles, the statement said. Operating costs increased 12.7% to 64.7mn soles, while sales and administration expenses fell 12.8% to 29.9mn soles. Equity stood at 584mn soles at December 31, 2004. The company's four hydro plants - Yaupi, Malpaso, Oroya and Pachachaca - generated a total of 1,043GWh in 2004, down 9.6% compared to 2003. The plants operated at an average availability of 95.5% last year. This year the company plans to invest US$1.4mn in generation and US$912,000 in transmission, the statement said. Electroandes is 100%-owned by US company PSEG and has 183MW installed capacity in the south of the country.