ELETROBRAS: Profit Falls 96% In Q1 Amid Higher Costs And Lower Revenue

(RTTNews) - The Brazilian state-owned power company Eletrobras said that its net profit fell 96% in the first quarter from a year before, to R$ 56 million, hit by lower revenue, higher operating costs and an increase in provisions against losses.

Eletrobras' net operating revenue fell 3% in the first quarter, to R$ 8.593 billion, while operating costs were 9.7% higher, at R$ 3.750 billion. Provisions increased 80.2%, to R$ 1.081 billion.

The company's EBITDA (earnings before interest, taxes, depreciation and amortization) dropped 70% in the first quarter, to R$ 1.244 billion.

During the period, Eletrobras generated 40.6 gigawatt hour (GWh) of electricity, or 5.8% from the first quarter of 2017. Total energy sold fell 2.2%, to 3.8 GWh.