By 23% grew net profit of empresa de Energía de Bogotá at the closing of 3Q 2013
31 October 2013
- As of 30 September 2013, net profit of Empresa de Energía de Bogotá -EEB-, headquarter of Grupo Energía de Bogotá, reached COP 784 billion, exceeding by COP 148 billion the figure reported for the same period of the previous year, representing an increase of 23%.
Bogotá, October 31st, 2013. At the closing of 3Q 2013, net profit of Grupo Energía de Bogotá reached COP 784 billion, exceeding by COP 148 billion the results obtained during the same period of the previous year, which means an increase of 23%.
This result is explained mainly by the increase in operational revenues, that reached COP 1.45 trillion at the closing of September 2013, compared to COP 1.16 trillion at the closing of the same month of the previous year, growing by 25%, due to increase in revenues in the natural gas business: transport in Colombia, TGI (new tariff scheme in 2013 and Cusiana Phase II project entered into operation), and distribution in Peru by Cálidda.
Additionally, operational profit grew by 29%, reaching COP 535 billion at the closing of September 2013, compared to COP 416 billion for the same period in the previous year, as a result of the good behavior shown by operational revenues and to the lower growth of operational expenses in the natural gas transport business in Colombia.
Non-operational results were benefited from the increase of COP 276 billion in dividends decreed in favor of EEB, particularly those from Emgesa, Codensa, Gas Natural and Promigas, as well as a reduction of COP 156 billion in financial expenses, related to EEB and TGI debt management operations, carried out in previous years.
Thus, these two entries exceed the net expense in the foreign exchange account, resulting from updating the Group’s financial obligations denominated in US dollars, due to the devaluation of the Colombian peso in the present year, however this booking only has accounting impact and does not correspond to a cash expenditure.
Finally, it is important to highlight that Group’s consolidated adjusted EBITDA, which includes dividends received from non-controlled companies, at the closing of September 30th 2013, grew by 35% when compared to the same period of 2012, reaching COP1.49 trillion.
Ms. Sandra Stella Fonseca, CEO of Empresa de Energía de Bogotá, headquarter of Grupo Energía de Bogotá, remarked the behavior of the consolidated results: “The Group continues showing growth and improving its profits every period, as a result of the commitment to operational excellence and the execution of profitable investments in all the subsidiaries.”
About Grupo Energía de Bogotá
Grupo Energía de Bogotá is the leading Corporation in the power sector in Colombia. Through EEB it transports electricity to the market with one of the largest and most important demands in the country and participates in the distribution of electricity through Empresa de Energia de Cundanamarca – EEC. It has control over the largest natural gas carrier in Colombia, TGI S.A. In Peru, its companies CONTUGAS and CALIDDA have a 30 year concession for the transportation and distribution of natural gas in Lima and Callao, and the region of ICA, southern Perú. In that same country, in association with ISA, it participates in REP S.A. and in TRANSMANTARO S.A. that operate 63% of the power transmission system in the country. In 2010 it incorporated TRECSA - Transportadora de Centroamérica S.A.-, which will build the most important energy infrastructure project in Guatemala and will render electric power transmission services as of 2014. In addition, it has a portfolio of investments in important companies in the power sector among others, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., PROMIGAS S.A., Electrificadora del Meta, EMSA and to lesser extent in ISA and ISAGEN. As of 2013, the Group renders advisory and engineering services in Guatemala and Peru through its affiliate EEB Ingenieria y Servicios.
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