Empresa Nacional de Electricidad SA, Chile’s biggest electricity producer, said third-quarter profit fell 44 percent, more than analysts estimated, after prices slumped in Argentina and Chile.
Net income fell to 64.9 billion pesos ($135 million) from 116 billion pesos a year earlier, the Santiago-based company known as Endesa Chile said in a statement on the securities regulator’s website. Profit missed the 79.6 billion-peso average of three analysts estimates compiled by Bloomberg.
Endesa Chile, which is controlled by Italy’s Enel SpA through Spain’s Endesa SA, said average power prices in Chile declined 14.6 percent and 15.9 percent in Argentina for the first nine months of this year, compared with a year ago. Colombia and Peru power prices rose during the same period, it said.
Enersis SA, through which Spain’s Endesa owns most of its Latin American assets, said in a separate statement that quarterly net income fell 13 percent to 102 billion pesos.
Endesa Chile shares rose 0.1 percent to 768.01 pesos at 3:14 p.m. in Santiago. Enersis gained 1.54 percent to 168 pesos.