Venezuela's EDC, CEDC AES units post 2002 losses

www.forbes.com Reuters, 02.17.03, 5:16 PM ET

CARACAS, Venezuela, Feb 17 (Reuters) - Venezuela's largest private energy generator and distributor, Electricidad de Caracas (EDC) <EDC.CR>, on Monday reported a 53.143 billion loss during 2002 compared with a 89.244 billion bolivar profit in 2001. EDC said the loss was due to a devaluation in the local bolivar currency, a drop in demand of electric energy and increases in fuel prices. Telecommunications and service firm Corporacion Electricidad de Caracas <EDC.CR> (CEDC), the sister firm of Electricidad de Caracas, showed a loss of 215.483 billion bolivars during 2002, compared with a profit of 32.364 billion in 2001, a company statement said. Both companies are affiliates of U.S. power firm AES Corp (nyse: AES - news - people). ($1=1,403 Bolivars, Dec. 31, 2002 rate)