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Luz del Sur's Jan-Sep. profits fall 6.7%

Bnamericas
Peruvian distributor Luz del Sur's net profits fell 6.7% to 126mn soles (US$38mn) in the first nine months of 2004 from 135mn soles in the same period of 2003 due mainly to lower sales revenues and higher distribution costs, the company reported. Gross income from energy and services sales fell 4.4% to 848mn soles. Sales volumes increased 0.23% from 2003 to 2,981GWh in the first nine months of this year mainly due to higher demand from residential and commercial clients, offset by lower sales to industrial clients. Sales to regulated clients increased 5.8% to 2,663GWh, while sales to non-regulated clients fell 30.4% to 318GWh. Energy purchases fell 3.1% to 510mn soles, while distribution costs increased 9.6% to 126mn soles. After accounting for higher administration costs offset by lower sales costs, operating profits fell 18.2% to 154mn soles. Investments increased 23.6% to 72.2mn soles from the same 2003 period. Energy losses were 8.5% and client numbers were 719,654 at end-September 2004, up 2.25% from September 2003.

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