Chile's Enersis says profits rose 56 pct in 2008

SANTIAGO, Chile - Enersis SA, one of South America's largest electricity companies, says net income rose 56 percent in 2008.

The Santiago-based company says profit climbed to 571 billion pesos, or $922 million, from 366 billion pesos in 2007. Sales rose 35 percent to 6.7 trillion pesos, or $10.8 billion.

A company statement Wednesday said power generation and transmission increased more than 40 percent over last year, as rising sales in Chile, Brazil, Colombia and Peru offset declines in Argentina, where a severe drought limited hydropower generation.

U.S. traded shares of Enersis rose 2.7 percent to $15.07 on the New York Stock Exchange ahead of the announcement.

Enersis is controlled by Madrid-based Endesa SA, which owns a 61 percent stake.

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