Aguas Andinas reports flat Q3 profits

Wednesday, November 23, 2011

Chile's largest water utility, Aguas Andinas, posted 18.2bn pesos (US$35.3mn) in third quarter profits, down slightly by 0.51% when compared with 3Q10.

The company's bottom line was impacted by an increase in corporate taxes, which offset a 6.1% year-on-year growth in revenue to 76.4bn pesos, the firm's latest financial statements show.

Aguas Andinas reported a 14.5% increase in operational expenses, which reached 38.3bn pesos, financial services firm Celfin said in a note to investors.

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Ebitda for the quarter was up marginally by 0.7% to 43.4bn pesos.

Water distribution revenue grew 7.4% to 29.3bn pesos and wastewater treatment sales improved 3.7% to 35.9bn pesos.

Celfin reiterated its buy recommendation on the company's stock, with a 12-month target price of 305 pesos per share.

Aguas Andinas is controlled by Aguas de Barcelona (Agbar), owned by French group Suez Environnement. To read the company's 3Q11 financial statements, in Spanish, go to this link

For the full Celfin report, go to this link