SANTIAGO -(Dow Jones)- Enersis SA's (ENI, ENERSIS.SN) 2010 net profit dropped 26% to 486.23 billion Chilean pesos ($994.9 million) from CLP660.23 billion the previous year, the Chilean energy holding company reported Wednesday.
Enersis's profits slipped as reduced hydroelectric generation forced it to use more expensive thermal generation, and as a devastating earthquake last February cut into demand in Chile.
However, sales rose 1.4% to CLP6.56 trillion from CLP6.47 trillion in 2009. The increase in sales "highlights strong demand in the second half of the year" and the likelihood of continued strong demand in 2011, Enersis said.
Enersis owns power generation, distribution and transmission businesses in Argentina, Brazil, Chile, Colombia and Peru.
Enersis' Ebitda--or earnings before interest, taxes, depreciation and amortization--lost 8% in 2010 to CLP2.26 trillion from CLP2.47 trillion in 2009.
Its generation and transmission businesses represent 57% of Ebitda, while the distribution business makes up the remainder.
Enersis' shares fell 0.3% on Wednesday to CLP208.61, while the blue-chip Ipsa index ended 0.2% higher.
Over the last 52 weeks the company's shares have traded at a low of CLP198.56 and a high of CLP244.36, while decreasing 12.4% over the same period.
Spain's Endesa SA (ELEZF, ELE.MC) owns Enersis, which in turn owns Chile's largest power generator, Empresa Nacional de Electricidad SA (EOC, ENDESA.SN).
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