Colombian state-controlled electricity grid operator Interconexion Electrica SA, or ISA, said its net profit in the second quarter of the year fell 28%, compared with the same period a year earlier, to 96 billion pesos ($52 million) as a result of the peso appreciation.
The peso appreciation against the Brazilian real made ISA’s revenues from its operations in Brazil lower in peso-terms. The revenues from Brazil account for 53% of the company’s total revenues, the company said Monday in its quarterly report.
ISA’s net profit in the first half of the year fell 16%, to COP174 billion.
ISA’s Chief Executive Luis Fernando Alarcon also attributed the decline to “unfavorable economic environment,” though he didn’t elaborate.
The company’s consolidated operating revenues in the second quarter increased 0.2%, to COP831 billion during the second quarter of the year, compared with the same period last year.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, an indicator of a company’s cashflow, fell 1.5%, to COP609 billion in the second quarter of the year.
ISA shares Monday fell 0.6%, to COP13,000, while the IGBC index climbed 0.4%. The company released its earnings report after the market had closed.