Rio Maipo increases 2002 net profit to US$16.3mn

Chilean distributor Rio Maipo posted 2002 net profits of 11.7bn pesos (US$16.3mn), up 26.6% from 2001, the company said in a statement to Chile's securities commission SVS. Operating profits increased 2.23% to 10.3bn pesos, mainly as a result of a 2.91% increase in physical sales and a 3.77% reduction in administration and sales costs to 3.97bn pesos. Non-operating profits increased 196% to 3.47bn pesos, mainly due to an increase in non-operating income and a reduction in financial costs. Chilean power sector holding Enersis (NYSE: ENI) controls Rio Maipo, and has put the company up for sale as part of its plans to raise cash to pay debts. Earlier this week, Enersis said it had received 13 bids for Rio Maipo and the Canutillar hydro plant (of its generation subsidiary Endesa), and will invite final bids by end March.