Gasco doubles 9-month profits

Chilean liquefied petroleum gas (LPG) distributor Gasco posted consolidated net profits of 19.3bn pesos (today US$30.8mn) in the first nine months of 2003, up 109% from the same period last year, the company said in a statement to securities regulator SVS. Higher physical natural gas sales by natural gas distribution subsidiary Metrogas, which has increased its customer base by 17,000 this year, helped boost operating revenues 18.9% to 234bn pesos. Operating profits rose 22.3% to 54.4bn pesos and EBITDA increased 14% to 67.6mn pesos. Non-operating losses decreased 39.9% to 15.2bn pesos, mainly due to an increase of 8.34mn pesos in revenues from investments in related companies. Gasco distributes LPG throughout Chile through units Gasco Norte, Gasco Sur and Gasco Magallanes.