Aguas Andinas Profit Falls After Santiago Mudslide Outage
The company, which supplies drinking water to most of Santiago, reported net income of 38.2 billion pesos ($80.7 million) in the first three months of 2013, down from 41.8 billion pesos a year ago. Revenue slipped 0.4 percent to 108 billion pesos, it said on the securities regulator’s website.
Sales volumes fell by 2.9 million cubic meters after rains in January and February caused mudslides in the Cajon del Maipo area and increased turbidity levels at water plants, briefly countering a drought, the company said in the filing.
“The drought that began in 2010 still persists, which has led to the application of contingency plans to ensure a normal services to our clients,” said Aguas Andinas, whose shares have risen 29 percent over the past year.
Inversiones Aguas Metropolitanas SA (IAM), the holding company that owns a majority stake in Aguas Andinas, reported profit of 19 billion pesos in the first quarter, down from 20.7 billion pesos a year earlier, according to a separate filing. IAM is controlled by Spain’s Sociedad General de Aguas de Barcelona SA.
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