Chile's Colbun reports 2% Q3 profit growth, EBITDA way up

Ministry of Economy/All rights reserved.

November 1 (Renewables Now) - Chilean power utility Colbun SA posted an after-tax profit of USD 54.7 million (EUR 49m) for this year’s third quarter, up 2% year-on-year, fuelled by higher earnings before interest, taxes, depreciation and amortisation (EBITDA).

EBITDA went up by 14% to USD 178.7 million due to lower gas prices in Chile and the lower consumption of coal, on which the company spent USD 8 million in the third quarter of 2019, compared to USD 23.1 million in the same period last year.

Third-quarter revenues stood at USD 361.7 million, just slightly up in year-on-year terms, mostly on the back of sales to unregulated customers and transmission tolls. Sales to regulated customers were down to USD 149.3 million from USD 176.4 million recorded in the third quarter of 2018.

Summary of Colbun’s third-quarter and January-September results is given in the table below:

in USD million Q3 2019 y/y change 9-mo 2019 y/y change
Revenues 361.7 0% 1,135.3 -1%
Gross profit 201.5 10% 586.0 5%
EBITDA 178.7 14% 514.1 8%
After-tax profit 54.7 2% 182.5 12%
Attributable profit 59.1 4% 184.8 10%

Colbun said it continued the search for renewable energy projects throughout the country in the third quarter, eyeing 4,000 MW of new capacity by end-2030. The company’s 607-MW Horizonte onshore wind project is moving through the feasibility stage, while the Diego de Almagro Sur solar project obtained the environmental approval during the third quarter.

(EUR 1.0 = USD 0.896)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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