SANTIAGO -(Dow Jones)- Chile's largest power generator, Empresa Nacional de Electricidad SA (EOC, ENDESA.SN), saw its 2010 net profit fall 15% to 533.56 billion Chilean pesos ($1.09 billion), from CLP627.05 billion the prior year, the company reported Wednesday.
The power generator's net profit fell as reduced rainfall curtailed its hydroelectric production and forced it make increased expensive spot-energy purchases.
"Consolidated hydroelectric generation fell 13.3%" mainly due to less precipitation in Chile in the latter half of the year and in Colombia during the first half, Endesa said.
Revenues grew a slight 0.7% to CLP2.44 trillion, versus CLP2.42 trillion the prior year, while Endesa's Ebitda--or earnings before interest, taxes, depreciation and amortization--fell 15% to CLP1.07 trillion, from CLP1.26 trillion in 2009.
Consolidated physical sales fell 5.4% in 2010 to 56,641 gigawatt hours, in large part due to reduced demand following the devastating February earthquake that assailed central and southern Chile, the company said.
Endesa has 13,864 megawatts of installed capacity distributed in Argentina, Chile, Colombia and Peru, with roughly 60% in hydroelectric generation and the rest in gas- and coal-fired power plants. Some 41% of the company's capacity is installed in Chile.
Endesa's shares ended 0.3% lower Wednesday at CLP857.09. Over the last 52 weeks, its shares have traded at a low of CLP780.61 and a high of CLP936.64, while shedding 5.9% over the same period.
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