BUENOS AIRES (Dow Jones)–Argentina’s biggest power distributor, Empresa Distribuidora y Comercializadora Norte SA (EDN.BA, EDN), or Edenor, reported a net loss of 35.9 million pesos ($8.4 million) for the third quarter.
That compares with a loss of ARS1.8 million during the same period a year earlier, Edenor said Thursday.
The loss was «mainly due to the increase in operating expenses and the increase in the financial results generated by liabilities, partially offset by positive results in permanent investments and in the repurchase of notes,» Edenor said.
As with other utility companies, Edenor’s electricity rates have mostly been frozen since Argentina’s 2001-2002 economic meltdown and currency devaluation.
The company has struggled to make money as its operating costs rise amid rampant inflation and annual wage increases. Its market share in Argentina is around 20%, according to data available on the company’s website.
-By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com
Source: http://online.wsj.com