Colombian state-controlled electricity grid operator Interconexion Electrica SA (ISA) booked a consolidated net profit of COP315 billion ($165 million) in 2009, up 33% from a net profit of COP237 billion in 2008, the company said in a statement Monday.
The figure is higher than the COP257 billion expected by Colombia’s largest brokerage, Interbolsa S.A., which has a “hold” recommendation on the company.
In December, ISA Chief Executive Luis Fernando Alarcon told Dow Jones Newswires that profit would rise due to lower debt servicing costs.
The company said that 97% of its COP3.3 trillion in revenue came from electricity transmission and 3% came from telecoms. It added that 53.5% of revenue came from Brazil, 37% was from Colombia and 8.2% was from Peru.
The company’s statement was published after the Bogota stock exchange had closed. ISA shares fell 1% on Monday to COP12,740.
(Matthew Bristow, Dow Jones)