Friday , January 21 2022

Eletrobras Profit Grows by 305% and Adds R6 $ 5.6 Billion in Q2 with Reuters Distributor Sales



[ad_1]

© Reuters. Eletrobras Profit Grows by 305% and Adds R6 $ 5.6 Billion in Second Quarter with Distributor Sales

SAO PAULO (Reuters) – State-owned Eletrobras (SA 🙂 reported net income for the second quarter, a 305% jump over the year, driven by the negative equity gains of its Amazonas Energia distributor, privatized at the end of the year. last year.

Latin America's largest power plant, which accounts for half of the transmission and one-third of Brazil's production capacity, added a profit before interest, tax, depreciation and amortization (Ebitda) of 1.35 billion, up 62% from the previous year. Recurring EBITDA was 3.1 billion, up 7.8% from the same period in 2018.

The company's net operating income grew 12.4% to 6.6 billion in revenue.

Eletrobras said the privatization of Amazonas Energia, sold in December to a consortium formed by Oliveira Energia and Atem, resulted in a profit of 5.26 billion reais from the negative equity repayment.

The sale sealed the exit of the state-owned distribution company, in which Eletrobras controls six distributors in the North and Northeast, which were agreed last year. The Amazon affiliate was the most scarce of them.

Eletrobras also added a profit of $ 1.69 billion to record the fair value of old renewal benefits (RBSE) because of a change in NTN-B discount rates.

On the other hand, the company made a provision of $ 921 million for CCC credits provided by Amazonas Energia to Eletrobras prior to privatization, in addition to contingency reserves of $ 329 million.

Eletrobras's investment has fallen 41% year-on-year to 578 million realists, amid restructuring of the company in recent years, which has delayed contributions. In the year to the end of the first half of the year, investments amounted to 1.09 billion, which is 41% less than 1.85 billion a year earlier.

(By Luciano Costa)

Risk statement: Fusion Media I would like to remind you that the date contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by stock exchanges but rather by market producers, and prices may not be accurate and may differ from the current market price, which means that prices are indicative and are not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses that you may incur as a result of using this data.

Fusion Media or anyone participating in Fusion Media will not be responsible for any loss or damage resulting from the reading of the information, including date, quotes, schedules, and buy / sell alerts contained on this website. Please be fully informed about the risks and costs involved in trading in the financial markets, this is one of the most risky investment options available.

[ad_2]
Source link