Generator Q3 earnings roundup

BNamericas closes coverage of third quarter power sector results for Peruvian generators with a roundup of financials based on filings with securities regulator Conasev. *** Egesg posted a 6mn-sol (US$1.95mn) net profit versus a 10.8mn-sol net loss in 3Q07, with net sales up 20.2% to 31.2mn soles. The company posted an operating profit of 11mn soles in the quarter compared to an operating loss of 1.81mn soles in the year-ago period. Earlier this year, the energy and mines ministry granted the generator a temporary concession for the 130MW San Gabán IV hydro generation project. Egesg already supplies 3.2% of the electricity sent to the national grid (Sinac) and operates the 110MW San Gabán II hydro plant and thermo plants Bellavista (4.8MW) and Taparachi (6.7MW). The company project portfolio also includes the San Gabán I (110MW) and III (105MW) plants. *** Piura saw its bottom line slide 53.2% to 21.4mn soles. Revenue fell 22.6% to 92.7mn soles and operating profit dipped 53.1% to 32.3mn soles. Higher operating costs due in part to increased natural gas purchases coupled with higher gas prices also impacted results. Piura is a subsidiary of Endesa Internacional and operates a 146MW gas-fired plant. *** Cahua reported a net profit of 2.3mn soles, a 74% drop from July-September 2007, with revenue down 26% to 19mn soles. Higher administrative and financial costs also hurt results. Norway's SN Power controls Cahua, which boasts effective capacity of 115MW, of which 90.9MW come from seven hydro plants and the remainder from a thermo plant. *** And Shougang Generación Eléctrica's net profits totaled 10.3mn soles, up 257% over 3Q07. Net sales grew 206% to 68.2mn soles and operating profit rose 286% to 10.7mn soles. Shougang boasts effective capacity of 65.8MW from a thermo plant in Ica region. The bulk of power is sold to sister company, iron ore miner Shougang Hierro Perú.