SANTIAGO, Oct 27 (Reuters) - Chile electricity generator Empresa Nacional de Electricidad (Endesa Chile) on Monday posted a nearly 15 percent drop in its third-quarter net profit, deeper than analysts had forecast, as energy and tax costs rose and an unfavorable exchange rate weighed.
Endesa Chile said in a filing to the regulator that net profit slipped to 95.4 billion pesos ($163 million) for the three months to end-September. That compared with a $127.6 billion peso profit expected by the market.
Endesa said its bottom line was hit by “increased costs on energy purchases and fuel consumption, mainly in Chile, increased tax expenses, mainly in Colombia and Peru, and a larger negative exchange rate differential.”
Endesa has generating units in Argentina, Brazil, Chile, Colombia and Peru. It is controlled by energy firm Enersis , the parent company for Italian utility Enel’s Latin American operations.
1 dollar = 584.7700 Chilean pesos Reporting by Anthony Esposito; Editing by David Gregorio