Losses in related cos push Clisa into the red

Argentine infrastructure and public services holding Clisa posted an 8.44mn-peso (US$2.93mn) consolidated net loss in the nine-month period ended March 31, 2005, versus a 946,363-peso net profit in the comparable year-ago period. Although sales rose 6.45% to 290mn pesos and operating profit closed at 34.6mn pesos (versus a 1.67mn-peso operating loss in the previous period), investment losses in related companies impacted the bottom line. In the second half of 2004, Clisa posted a 2.36mn-peso consolidated net profit, down 87% from the same period the year before. The holding said that although the country's economy has evolved favorably, there are still important aspects to be resolved, such as the renegotiation of public service contracts. Clisa is the infrastructure holding company for Argentina's Grupo Roggio and has four operating divisions: mass transportation management (Metrovías); waste management (environmental engineering); construction (Benito Roggio e Hijos); and tollroad management. It also has operations in Bolivia, Brazil, Chile, Ecuador, Mexico, Paraguay and Uruguay.