Brazil's Eletrobras reports 45% drop in Q2 net profit
Brazilian power company Eletrobras on Friday reported its second-quarter net income fell 45%, hit by the provision for losses in investments, Trend reports with reference to Reuters.
In the first earnings report since its privatization, Centrais Eletricas Brasileiras SA, as the company is formally known, posted a net income of 1.4 billion reais ($276.03 million).
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6% to 4.861 billion reais from the previous year.
Net operating revenue reached 8.856 billion reais, up 19%.
In June, Brazil's government diluted its stake in Eletrobras, Latin America's largest utility, through a share offering that raised about $6 billion and lured global investors.
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