ISA 2015 Net Income Hits All-Time Record
Medellin-based ISA – principal operator of Colombia’s national electric power transmission grid and the “XM’ power trading network, as well as operating toll-road concessions internationally – announced March 1 that its full-year 2015 net income rose 37.6% year-on-year (y-o-y) to COP701 trillion (US$219 million), an all-time record.
Full-year 2015 operating revenues hit COP5.2 trillion (US$1.64 billion), thanks to “ higher revenues from the adjusted [power-tariff] remuneration in Brazil, higher yield from the financial asset of the Chilean [toll highway] concessions and higher revenues from the entry into operation of new projects Cerromatoso and Sogamoso, both in Colombia, and in Machupicchu – Abancay – Cotaruse in Peru,” according to ISA.
Gains were “partially offset by the recognition of the 2015 wealth tax in Colombia, higher financial expenses and labor contingencies in Brazil,” according to ISA.
“Results also include the conversion effect of the financial information from foreign subsidiaries, which generated variations throughout various line items of the financial statements, due mainly to the devaluation of the Colombian peso versus the U.S. dollar and the Chilean peso, generating an accumulated net result increase for the year of COP44,251 million [US$13.8 million] and COP19,700 million [US$6 million] for the [fourth] quarter.”
Energy transmission accounted for 73% of ISA operating revenues in 2015, followed by toll-road concessions (19.9%), telecommunications transport (4.8%) and “intelligent systems management” (2.3%), according to the company.
Fourth-quarter (4Q) revenues came from Peru (32.3%), Colombia (29.4%), Chile (20.1%) and Brazil (16.4%), according to ISA.