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Aguas Andinas Investments to Aid Water Profits, BTG Says

Profit at Aguas Andinas SA, Chile’s largest water utility, probably will rise as infrastructure investments and higher water tariffs come online, BTG Pactual said, reiterating a buy recommendation on the shares.

Aguas Andinas faces a tariff review that becomes effective next January which should lead to higher rates, BTG analysts Tomas Gonzalez and Antonio Junqueira said in an e-mailed note today. The provider of drinking water to Santiago is planning 90 billion pesos ($163 million) in capital expenditures and modernization works over the next three years.

Sales rose 5.2 percent to 403 billion pesos in 2013 from the previous year due to higher volumes and a new tariff related to the start of operations at the Mapocho water-treatment plant. The company now treats 100 percent of wastewater and sewage in metropolitan Santiago, it said.

Aguas Andinas, controlled by Spain’s Sociedad General Aguas de Barcelona SA, yesterday reported profit in 2013 of 117 billion pesos compared with 122 billion pesos a year earlier.

The shares, almost unchanged this year, were 0.3 percent higher at 341 pesos at 10:42 a.m. local time.

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