This increase resulted primarily from a 2.2% increase in the demand for energy, the pass through of increases in the cost of energy purchased and the benefit of the increase in electricity tariffs implemented on 1 August 2009.
An increase in operating expenses resulted in an operating profit of ARS14.1m down from ARS24.6m in the equivalent period last year, with EBITDA of ARS35.1m, compared to ARS45m to the prior year in the same period.
The finance costs for the year have been adversely impacted by the weakening of the Argentine Peso against the US Dollar, resulting in a non-cash exchange loss of ARS28.1m for the period. EDEMSA has established a trust with the objective of investing in US Dollar denominated assets and, at the end of the period, the carrying value of investments held in the trust was ARS61.3m.
The company reported a loss for the nine months of ARS14.3m compared to ARS7.1m profit in the same period of the previous year.
Neil Bleasdale, president of EDEMSA, said: “We are pleased the first increase in the tariffs has been approved and look forward to the further tariff adjustments that have already been established for the third review period becoming effective.”
