Feb. 2 (Bloomberg) -- Colbun SA, Chile’s third-largest power generator, declined the most in two weeks after fourth- quarter earnings missed some analysts’ estimates.
Colbun fell for the first time in three days, losing 1 percent to 128 pesos, the steepest slump since Jan. 16.
Net income of $32.3 million, reported after the close of trading yesterday, trailed Banchile Inversiones’ $41.5 million forecast. Annual profit tumbled to $5.2 million from $112 million as dry weather limited hydroelectric generation, forcing companies to use higher cost fuels to produce power.
“Given that Colbun’s results were lower than expected we could see certain pressure on the share price,” Banchile analysts wrote in an e-mailed note today.
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