UPDATE 1-Enersis, Endesa Chile's 2013 profits surge, beat forecast

Fri Feb 7, 2014 1:21pm EST

Related Topics

* Higher generation, asset consolidation boost Enersis

* Endesa Chile's profit increases on lower generation costs

SANTIAGO Feb 7 (Reuters) - Chile-based regional energy group Enersis and its generation unit Endesa Chile on Friday announced big leaps in 2013 net profit, beating market forecasts.

Profit at Enersis shot up 74.5 percent to $1.3 billion on higher generation, consolidation of assets from a recent capital increase, and a regulatory decision in Argentina. A Reuters poll of analysts had forecast profit would come in at around $1.2 billion.

Leading Chilean electricity generator Endesa Chile said on Friday its net profit jumped 51 percent to $675.7 million, boosted by lower generation costs. A Reuters poll of analysts had forecast profit would come in at around $587.1 million.

Enersis, the Latin American investment arm of Spanish energy company Endesa, has operations in Argentina, Brazil, Chile, Colombia and Peru with installed generation of around 14,832 megawatts.

A commodities boom and a growing middle class have pushed up energy demand in Latin America.

Enersis' earnings before interest, tax and depreciation and amortization rose 15.6 percent to around $4.5 billion.

Endesa Chile's EBITDA rose 21 percent to roughly $1.9 billion.

FILED UNDER: