EEB Rises to Four-Month High After Profit Doubles: Bogota Mover

Empresa de Energia de Bogota SA, a Colombian electricity distributor, rose to the highest price in four months after saying second-quarter profit doubled.

EEB advanced 1.5 percent to 1,050 pesos at 11:26 a.m. in Bogota and earlier climbed 3.4 percent to its highest intraday level since March 1. The benchmark IGBC Index rose 0.3 percent.

Net income in the three months through June rose 115 percent from a year earlier to 605 billion pesos ($340.7 million), EEB said in a statement released yesterday after the close of trading.

“If you compare the growth from year-to-year, yes, it’s huge,” Juan Camilo Martinez, an analyst at Medellin-based brokerage Bolsa y Renta, said in a telephone interview. Profits for the quarter were 1.7 percent higher than estimated at Bolsa y Renta, Martinez said.

To contact the reporter on this story: Patricia Laya in New York at playa2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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