Profits at Argentinian energy firm Andes Energia leapt 450% in 2010, due primarily to the performance of its stake in an electricity distributor.

The group recorded a profit before tax of $22m on revenue of $171m for the year. This compared to a profit before tax of $4m on revenue of $139m in 2009.

Andes said in a statement that the revenue increase came from an increase in tariffs at electricity distributor EDEMSA, the pass through of increases in the cost of energy purchased and an increase in demand.

Energy consumption in Argentina in 2010 increased by 5.9% year-on-year, while the volume of energy sold by EDEMSA during 2010 in the firm's concession area in Mendoza grew 6.7%, Andes said.

EDEMSA raised tariffs on average by 12% on 1 August 2009 and 12% on 1 December 2009.

"We are very pleased with the results for the year and believe we are now in a strong position to accelerate the growth strategy of our oil and gas assets over the coming months," said chief executive, Luis Alvarez Poli.

The profit after tax attributable to equity shareholders was $4m compared to a loss of $1m in 2009.

Basic and diluted earnings per share was 3.55 cents for the year compared to a basic and diluted loss per share of 0.45 cents in 2009.

The company reiterated its position that it would pay no dividends.

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