Colombian power-generator Isagen SA booked a net profit in 2010 of 409.7 billion Colombian pesos ($214 million), a 6.23% increase from 2009.
Isagen’s operating revenue stood at COP1.4 trillion, a 4% gain from 2009, the company said in a filing to the Colombian securities regulator.
The company’s electricity generation rose 3% from the year before. Isagen mainly produces electricity from hydropower plants.
The company is considering listing in the U.S. through an American Depositary Receipt offering this year.
Isagen, which is listed on the Bogota stock exchange, would follow in the footsteps of Bancolombia SA, the country’s largest bank, and state oil company Ecopetrol SA in floating their shares in the U.S. through an ADR. Banco Davivienda SA, Colombia’s third-largest bank by assets, is also planning an ADR.
Isagen is controlled by the state, which has been mulling a privatization of the firm for some time. Colombian President Juan Manuel Santos has said that he is not in favor of selling a stake in the power generator.
The company is working on a massive 3,000-megawatt hydropower plant in northeastern Colombia to boost its capacity. The dam to be built on the Sogamoso river in Santander province will cost about $2.2 billion. Isagen plans to issue COP2.4 trillion in debt to finance the project.
