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Pampa Energia says annual profits down 38 percent

Pampa Energia says annual profits down 38 percent

Argentine energy company Pampa Energia SA, formerly Pampa Holding SA, said net profits plunged 38 percent in 2008 as a jump in the cost of energy generation and distribution offset higher sales.
Argentina's largest electricity company reported net 2008 profits fell 38 percent to 115 million pesos ($31.5 million), or 7.5 centavos (2 cents) per share, from 186 million pesos ($50.9 million) or 16 centavos (4 cents) the previous year.
The company said Wednesday it does not provide fourth quarter results.
While sales jumped to 4 billion pesos ($1.1 billion) from 1.5 billion pesos ($405 million), the company said those gains were offset by nearly a twofold increase in the cost of energy generation and a nearly threefold jump in the cost of energy distribution.
Pampa's shares fell nearly one percent to close at 1.01 pesos Wednesday on the Buenos Aires stock exchange.
Pampa Energia generates, transmits and distributes electricity through subsidiaries. It also has interests in food and real estate.


Updated : 2021-06-14 12:00 GMT+08:00