AES Gener SA, Chile’s second-largest power producer by revenue, rose to the highest price in almost two weeks after reporting profit that exceeded analysts’ estimates as a jump in energy sales blunted higher costs.
AES Gener advanced 1.4 percent to 325 pesos, the highest closing level since Feb. 15. The power producer closed at a record-high 329.51 pesos on Feb. 4.
The company, a unit of Arlington, Virginia-based AES Corp., reported yesterday fourth-quarter net income of $75.4 million, down from $89.4 million a year before and 22 percent above an average estimate of $61.9 million among three analysts surveyed by Bloomberg.
“We should see a positive effect in the market after this report,” Corpbanca analysts including Cristobal Lyon and Sergio Zapata said in a note to clients today.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 13 percent to $185 million, which compares with an average estimate of $156 million.
AES Gener’s revenue jumped 29 percent in Chile last year as sales costs jumped 20 percent in the period, according to documents on the website of Chile’s securities regulator.