Rio Maipo posts US$13mn Jan-Sep profits

Chilean power distributor Rio Maipo increased net profits 5.5% to 8.16bn pesos (US$13mn) in the nine months to September 2003 compared to the same period in 2002, the company said in a statement to securities regulator SVS. Operating costs increased 6.45% to 35.5bn pesos, mainly because of a rise in power purchases due to higher customer consumption. Operating revenues increased 6.35% to 48.6bn pesos, due mainly to an increase in power sales thanks to increased physical consumption, and operating profits rose 6.54% to 10.2bn pesos. Non-operating losses fell 23% to 459mn pesos, primarily due to a fall of 369mn pesos in financial costs, partly offset by a decrease in financial revenues of 140mn pesos and a rise of 110mn pesos in other non-operating costs. Rio Maipo is Chile's fifth ranking power distributor with 5.8% of market share and 300,000 clients in the metropolitan region.