Edenor Announces Third Quarter 2008 Results

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Elkedra	LSE:EDN	London	Ordinary Share	AU000000EDN2	ORD NPV

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Elkedra (LSE:EDN)
Historical Stock Chart

From May 2019 to May 2024

BUENOS AIRES, Argentina, Nov. 19 /PRNewswire-FirstCall/ -- Empresa Distribuidora y Comercializadora Norte S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) ("EDENOR" or "the Company"), Argentina's largest electricity distributor, today announced its results for the third quarter and the nine month period ended September 30, 2008. All figures are stated in Argentine Pesos and have been prepared in accordance with Argentine GAAP. Solely for the convenience of the reader, Peso amounts as of and for the period ended September 30, 2008 have been translated into U.S. Dollars at the buying rate for U.S. Dollars quoted by Banco de la Nacion Argentina (Banco Nacion) on September 30, 2008 of Ps. 3.135. Q3 08 Highlights Net Sales increased 10.4% to Ps. 482.9 million in the third quarter of 2008 from Ps. 437.2 million in the third quarter of 2007. This increase is mainly due to the recognition of a 17.9% VAD increase resulting from the application of the new tariff scheme approved in August 2008 (applied retroactively to July 2008) and to an increase in the volume of energy sold of 2.5%. Volume of Energy Sold increased by 2.5% to 4,801 GWh in the third quarter of 2008 from 4,682 GWh in the third quarter of 2007. The increase in volume is attributable to a 0.5% increase in the average GWh consumption per customer and to a 2.0% increase in the number of our customers. Electric Power Purchases decreased 2.3% to Ps. 224.2 million for the third quarter of 2008 from Ps. 229.4 million in the third quarter of 2007, mainly due to the effect of a 3.3 % decrease in the volume of electricity purchased driven by a migration of some of our industrial customers to the wheeling system category. Gross Margin increased 24.5% to Ps. 258.7 million in the third quarter of 2008 from Ps. 207.8 million in the third quarter of 2007. This increase is primarily due to an increase in the volume of energy sold, the increase in the distribution margin (VAD) described above and to a decrease in our energy losses from 11.7% in the third quarter of 2007 to 10.9% in the same period of 2008. Net Operating Income increased 163.3% to Ps. 74.0 million in the third quarter of 2008 from Ps. 28.1 million in the third quarter of 2007 mainly due to the increase in the gross margin attributable to the application of the new tariff scheme and the decrease in selling expenses (Ps. 12.3 million), which more than offset the increase in transmission and distribution expenses (Ps. 11.1 million) and administrative expenses (Ps. 6.0 million). Net Income represented a loss of Ps. (11.5) million in the third quarter 2008, compared to a loss of Ps. (44.9) million in the third quarter of 2007, mainly due to the impact of the foreign exchange difference originated by our liabilities denominated in foreign currency. A LONGER VERSION OF THIS PRESS RELEASE WITH FINANCIAL STATEMENTS AND DETAILED INFORMATION WILL BE FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION, AND CAN BE FOUND AT WWW.EDENOR.COM IN THE INVESTOR RELATIONS/FINANCIAL REPORTS SECTION. Investor Relations Contacts: In Buenos Aires Ivana Del Rossi Finance Manager Tel: 5411.4346.5127 Veronica Gysin Investor Relations Tel: 5411.4346.5231 Edenor S.A. 1025 Azopardo Street, 17th Floor (C1107ADQ) Buenos Aires, Argentina Fax: 5411.4346.5358 Email: http://www.edenor.com.ar/ DATASOURCE: Empresa Distribuidora y Comercializadora Norte S.A. CONTACT: Ivana Del Rossi, Finance Manager, +011-5411-4346-5127, or Veronica Gysin, Investor Relations, +011-5411-4346-5231, or Edenor S.A., fax, +011-5411-4346-5358, Web site: http://www.edenor.com.ar/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

EDN Elkedra