IEBA posts US$33.2mn profit in Jan-Sep

Argentine holding company Inversora Electrica de Buenos Aires (IEBA) posted 95.4mn pesos (US$33.2mn) net income in the first nine months of 2003, the company said in a filing to the Buenos Aires stock market, without providing comparative figures. IEBA's only source of income is its controlling stake Buenos Aires province-based power distributor Edea, whose cash flow has fallen sharply because of Argentina's reduced power demand, the rate conversion into pesos, and the subsequent rates freeze. IEBA had 34.5mn pesos of net equity on September 30. The company named the law firm Susana L. Prisant and Associates to take control of its remaining US$162mn debt and negotiate with creditors. Camuzzi controls 55% of IEBA through Buenos Aires Energy Company, and United Utilities owns the remaining 45%.