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EDENOR Announces First Quarter 2010 Results
May 07, 2010 (03:05 PM EDT)


BUENOS AIRES, Argentina, May 7 /PRNewswire-FirstCall/ -- Empresa Distribuidora y Comercializadora Norte S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) ("EDENOR" or "the Company"), Argentina's largest electricity distributor, today announced its results for the first quarter of 2010. All figures are stated in Argentine Pesos and have been prepared in accordance with Argentine GAAP. Solely for the convenience of the reader, Peso amounts as of and for the period ended March 31, 2010 have been translated into U.S. Dollars at the buying rate for U.S. Dollars quoted by Banco de la Nacion Argentina (Banco Nacion) on March 31, 2010 of Ps. 3.878.

First Quarter 2010 Highlights

Net Sales increased 3.9% to Ps. 573.5 million in the first quarter of 2010 from Ps. 551.9 million in the first quarter of 2009, mainly due to the 5.7% increase in the volume of electricity sold in the first quarter of 2010, vis a vis the first quarter of 2009.

Volume of Energy Sold increased 5.7% to 4,813 GWh in the first quarter of 2010 from 4,555 GWh in the first quarter of 2009. This increase was attributable to a 3.1% increase in the average GWh consumption per customer and a 2.5% increase in the number of customers.

Electric Power Purchases increased 4.7%, to Ps. 280.3 million in the first quarter of 2010 from Ps. 267.6 million in the first quarter of 2009, mainly due to a 6.3% increase in the volume of electricity purchased, from 4,150 GWh in the first quarter of 2009 to 4,413 GWh in the first quarter of 2010 (excluding in each case the wheeling system demand).

Gross Margin increased 3.1% to Ps. 293.2 million in the first quarter of 2010 from Ps. 284.3 million in the first quarter of 2009, mainly due to the higher volume of energy sold.

Net Operating Income decreased 28.9% to Ps. 52.7 million in the first quarter of 2010 from Ps. 74.1 million in the first quarter of 2009 mainly due to an increase in transmission and distribution expenses of Ps. 20.6 million, an increase in administrative expenses of Ps. 6.6 million and an increase in selling expenses of Ps. 3.2 million.

Net Income decreased 83.5% to Ps. 5.0 million in the first quarter of 2010 from Ps. 30.1 million in the first quarter of 2009, mainly due to the decrease in financial results generated by debt repurchases and the increase in administrative, transmission, distribution and selling expenses.

SOURCE Empresa Distribuidora y Comercializadora Norte S.A. (Edenor)