AES Sul posts US$48.8mn losses for 2004

Brazilian distributor AES Sul posted a 131mn-real (US$48.8mn) net loss in 2004, reversing the year-earlier profit of 288mn reais. Net revenue increased 9.8% to 1.23bn reais, while gross profits rose 2.9% to 203mn reais. Operating profits slumped 95.2% from 2003 to 13.8mn reais. At the end of 2004, AES Sul's net equity was in the red by 3.2bn reais. AES Sul operates in Rio Grande do Sul state and is a subsidiary of US power company AES (NYSE: AES). Meanwhile, distributor CEEE, which is also based in Rio Grande do Sul, on Wednesday reported net profits of 1.56mn reais for 2004. Net revenue climbed 10.5% to 1.66bn reais, while gross profits rose 46% to 691mn reais. Operating costs grew to 675mn reais, and CEEE reported a 15.2mn operating profit for 2004, turning round a 142mn-real loss in 2004. At the end of 2004, CEEE's net equity reached 285mn reais.