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MeneameVenezuelan power utility Electricidad de Caracas (EDC) posted losses of 4.6bn bolívares (US$2.4mn) in 2004, compared to profits of 92.7bn bolívares in 2003, due to the devaluation of the local currency against the dollar and higher operating costs, the company said in its fourth quarter earnings statement.
Revenue fell 1.6% to 1.25tn bolívares, "as a consequence of a lack of rates increases, which lag behind the inflation accumulated for the year," the statement said.
EDCs Ebitda fell to 647bn bolívares in 2004 from 690bn bolívares the previous year.
Operating costs grew 3.9% in 2004 to 611bn bolívares, as the cost of labor increased, EDC said.
For the fourth quarter of 2004 alone, the company posted a loss of 42.1bn bolívares, compared to a decline of 48.9% in the same period 2003.
EDC carried out a US$260mn, 10-year bond issue in 2004 to refinance corporate debt and improve its existing debt maturity profile.
EDC has a generating capacity of 2,204MW, most of it from thermal plants, making it the largest private sector generator in the country.
US-based AES Corp. (NYSE: AES) bought a controlling stake in EDC in 2000, and it currently owns 87% of the company.
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