ISA posts US$20.7mn profits for Jan-Oct

Colombia's state-owned transmission company ISA posted net profits of 58.6bn pesos (today US$20.7mn) in the first ten months of 2003, turning round losses of 13.3bn pesos in the same period last year, ISA said in statement. The company's operating performance was strengthened by a 15% increase in revenues over the period and better control of administration, operating and maintenance costs, resulting in an operating margin of 54% and an EBITDA margin of 71.5%, the statement said. As a result, operating profits increased 12.5% to 292bn pesos. Operating revenues rose 15.2% to 539bn pesos, 96.2% of which came from the company's main business services, which increased 13% over last year. Operating costs rose 18.5% to 246bn pesos, due primarily to higher insurance premiums and the impact of taxation on energy transporters. Non-operating losses decreased 38.4% to 163bn pesos, due mainly to the impact of exchange rate differences associated with foreign-denominated debt, measures taken to cover exchange rate risks and the revaluation of the peso with respect to the dollar this year, the statement said.