Colombian state-owned power generation company Isagen SA posted a 16% increase in its second-quarter net income, to 121 billion pesos ($66 million), from a year earlier.
Isagen’s operating revenue stood at COP377 billion, a 16% gain from the second quarter last year, the company said in a filing to the Colombian securities regulator.
The company’s electricity generation fell 13% in the second quarter compared with the same period a year ago as a result of a drought related to the El Nino warm current in the Pacific Ocean. Isagen mainly produces electricity from hydropower plants.
The administration of outgoing President Alvaro Uribe had expected to privatize Isagen this year and net around $1.5 billion.
After repeated delays, the government said during the presidential campaign that it would leave the sale in the hands of the incoming administration.
President-elect Juan Manuel Santos, who takes office on Saturday, has spoken against the privatization of Isagen, making the sale highly unlikely. (Darcy Crowe / Dow Jones)