Cintra concessions post mixed Q1 results

The tollroads and airport that Madrid-based concessions operator Cintra controls in Chile posted mixed results in the first quarter of this year, compared to 1Q04, according to information reported separately to Chile's securities regulator (SVS). The tollroads are Talca-Chillán, Ruta de los Ríos, Autopista del Maipo and Ruta de la Araucanía, while the airport is Aeropuerto Cerro Moreno. Of the tollroads, Talca-Chillán saw the greatest improvement, posting a 1bn-peso (US$1.72mn) net profit, versus a 50.3mn-peso net loss in the first quarter of last year. Revenue grew 7.74% to 6.56bn pesos and operating profit jumped 148% to 2.29bn pesos due to reduced operating costs. In 2004, Talca-Chillán posted a 1.72bn-peso net profit, versus a 2.59bn-peso net loss the year before. The concessionaire won the 11.5-year operation and maintenance concession in 1996 for the highway between the cities of Talca and Chillán in Regions VII and VIII. The 193km stretch is part of the Pan-American highway (Ruta 5). Ruta de los Ríos saw net profits drop 5.11% to 896mn pesos in the first quarter of this year compared to the same period last year, due to increased non-operating losses and taxes. Revenue grew 4.47% 3.97bn pesos and operating profit rose 6.47% to 1.8bn pesos. In 2004, Ruta de los Ríos saw net profits increase 20.3% to 3.01bn pesos. The concessionaire won the 25-year operations and maintenance concession in 1997 for the 171km stretch on Ruta 5 from Region IX capital Temuco to Region X town Río Bueno. Autopista del Maipo also saw a drop in net profits in 1Q05, which dipped 1.12% to 4.66bn pesos. Revenue grew 1.16% to 9.44bn pesos and operating profit fell 4.26% to 5.58bn pesos due to increased operating costs. Autopista, which saw net profits drop 77.5% to 7.2bn pesos last year, picked up its 25-year concession in 1998 to improve and operate a 266km stretch of Ruta 5 from country capital Santiago to Region VII capital Talca. The contract includes a 47km southern access roadway to Santiago that will be completed in the second half of this year. For its part, Ruta de la Araucanía saw net profits fall 66.5% to 197mn pesos due to higher non-operating losses, despite a 3.1% revenue increase to 4.36bn pesos. Operating profit fell 10.3% to 1.59bn pesos due to increased operating costs. Ruta de la Araucanía saw net profits fall in 2004, dropping 18.5% to 406mn pesos. The 25-year concession was awarded in September 1998 and runs on Ruta 5, connecting Region IX town Collipulli with regional capital Temuco. Meanwhile, Aeropuerto Cerro Moreno saw net profits rise 64.4% to 97.5mn pesos due in part to a 2.92% rise in revenue to 326mn pesos. Operating profit grew 49.2% to 129mn pesos. In 2004, the airport saw net profits jump 153% to 370mn pesos. Its 10-year concession for the airport that serves Region II capital Antofagasta was awarded in 1999.