May 19, 2024
Companies

ISA 1Q 2018 Net Income Jumps 24% Year-on-Year

Medellin-based international electric-power transmitter and highway concessionaire ISA announced May 9 that its first quarter (1Q) 2018 net income rose 24% year-on-year, to COP$297 billion (US$103 million).

Gross revenues climbed 3.6% year-on-year, to COP$1.6 trillion (US$558 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12% year-on-year, to COP$1.06 trillion (US$351 million).

The profit improvements are mainly due to the entry-into-operation of power-transmission projects in Colombia, Perú and Chile, tax refunds in Colombia and Brazil, additional revenues from recently boosted stakes in the TAESA and IENNE power-transmission affiliates in Brazil, and corporate cost reductions, according to ISA.

Profit margins corporate-wide rose to 18.2%, versus 15.2% in 1Q 2017.

Investments by ISA and its affiliates for full-year 2018 would total COP$3.79 trillion (US$1.3 billion), mainly in power transmission (87.8%), followed by highway concessions ((7.4%) and telecom (3.2%), according to the company.

“In the first half of this year we continue on the path of growth with profitability,” added ISA president Bernardo Vargas Gibsone.

“Among the most important events of the [first] quarter was the awarding of a [power transmission] connection for the modernization project of the Talara refinery to our ‘Transmantaro’ subsdiary in Peru — a project that will generate annual revenues of US$3.5 million,” he said.

“In Chile, the Ministry of Public Works awarded a concession contract for the execution, repair, conservation and exploitation of the ‘Rutas del Loa’ concession road project, which will increase our operation of roads in Chile to 1,018 kilometers, which consolidates us as the main operator of interurban highways in that country.

“And finally, a few days ago, we announced the first issuance of ‘green’ bonds in the capital market made by [subsidiary] group company, ISA CTEEP, which is also the first company in the energy sector to use this financing instrument in Brazil,” Vargas Gibsone added.

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