MercoPress. South Atlantic News Agency

ENAP profits in nine months: 145 million US dollars

ENAP, Chile's government owned oil company managed a consolidated profit equivalent to 145,3 million US dollars during the first nine months of 2004, but because of the strong appreciation of the Chilean currency against the US dollar, profits were actually 28,5% less than in the same period of 2003 (203,3 million US dollars).

However the operational profit in that period reached 237,7 million US dollars, a 7,1% increase over 2003 mainly because of increased refinery profits and the higher value of hydrocarbons.

Before taxes, interests and depreciation, ENAP operational profits totalled 397,7 million US dollars, 20,6% over the 329,9 million of the first nine months of 2003 with refining, logistics and marketing providing 55%, and exploration and production 45%.

Non operational activities registered losses equivalent to 27,3 million US dollars, compared to a 25,6 million profit in the first nine months of 2003 attributable to exchange rate volatility (strong appreciation of the Chilean peso vis-à-vis the US dollar).

At the end of September 2004, ENAP total assets expanded 21,5% reaching 2,874 billion US dollars from 2,365 billion in 2003.

As to the financial debt situation of ENAP, at the end of September 2004, most of it was long term (91,9%) and 8,1% short term which compares favourably with a year ago, 85,2% and 14,8%.

A successful 150 million US dollars bond operation in the second half of 2003 and a 250 million US dollars loan from international money markets last August helped improve the financial situation, according to ENAP report.