UPDATE 1-Endesa Chile's 2nd qtr profit rises, but below estimates

Wed Jul 24, 2013 3:50pm EDT

Related Topics

SANTIAGO, July 24 (Reuters) - Leading Chilean electricity generator Endesa Chile reported a 4.5 percent rise in second-quarter earnings on Wednesday, sharply below analysts' estimates.

Endesa also said its net profit for the first half fell by 1.3 percent, due to higher taxes and increased financial spending.

Following approval by Chile's Congress last September to changes in tax laws, businesses in the Andean nation face a higher tax rate of 20 percent, with fewer loopholes.

For the second quarter, Endesa reported earnings of 36.78 billion pesos ($73.0 million). The 4.5 percent rise from the prior-year quarter was well below expectations in a Reuters poll for a 30 percent jump.

The power generator provided no reasons for the second-quarter gain.

For the first half, Endesa, which has generating units in Argentina, Brazil, Chile, Colombia and Peru, saw net income fall to 100.11 billion pesos ($198.7 million).

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.