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Isagen: Negative results due to higher energy purchases as a result of lower generation

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August 5, 2014 (www.investorideas.com newswire) We consider 2Q14 financial results as negative. Although revenues grew at a good pace (+20% YoY), operating costs grew even more (+46% YoY) as a result of higher energy purchases to fulfill the energy contract sales. The company expects the entry into operation of the Sogamoso project in December 2014, despite that the reservoir filling is half the estimated within the proposed timeframe. After 2Q14 results, we placed our Target Price under review as a result of the company's business strategy during the quarter, where costs grew more than we expected. We are aware of the sale process of the Nation's stake in ISAGEN which will take place in August 22, 2014.

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