Metrogas posts US$18.2mn H1 profits

Chilean natural gas distributor Metrogas posted consolidated net profits of 12.8bn pesos (today US$18.2mn) in the first semester 2003, up 185% from 4.47bn pesos in the same period last year, the company said in a statement to Chile's securities commission SVS. Total revenues were 68.3bn pesos, up 14.2% from 59.8bn pesos in 1H02, while operating costs were 39.3bn pesos, up 9.31% from 36.5bn pesos and operating profits were 21.1bn pesos, up 24.4% from 16.9bn pesos in 1H02. Non-operating losses fell to 5.49bn pesos, down from losses of 10.1bn pesos in 1H02, as the company benefited from improved exchange rates and financial operating conditions. Furthermore, losses related to subsidiaries dropped to 887,887 pesos, down from losses of 4.56bn pesos in 1H02. Earnings before interest, tax, depreciation and amortization (EBITDA) were 15.6bn pesos, up 56% from 6.86bn pesos in 1H02. Metrogas is Chile's largest natural gas distributor and serves the metropolitan region.