E.CL Rallies as Quarterly Earnings Beat Some Estimates
E.CL SA (ECL), northern Chile’s largest power generator, rose the most in 19 months after its first- quarter profit beat some analysts’ estimates.
E.CL advanced 4 percent to 970 pesos at 3:36 p.m. in Santiago after gaining 5.1 percent, the biggest intraday increase since September 2011. The Ipsa index fell 0.6 percent.
The power generator, a unit of France’s GDF Suez (GSZ), reported yesterday after the close of markets earnings before interest, taxes, depreciation and amortization of $66.8 million, down from $88 million a year earlier. Banco Santander SA had a forecast of $60.9 million while Larrain Vial SA projected $63.1 million.
“Without a doubt the figures were a surprise,” Rodolfo Tapia, an analyst at Banco Penta, said in a telephone interview from Santiago. “It beat estimates even with the suspension in the quarter of two of its most efficient power plants.”
E.CL temporarily halted in January operations at two of its plants because of technical malfunctions: Central Termoelectrica Andina and Central Termoelectrica Hornitos.
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