Eletrobras reports smaller quarterly profit
Petroleumworld 11 15 2017
State-controlled Centrais Elétricas Brasileiras SA, Brazil's largest electricity company, on Monday reported a net profit of 550 million reais ($167.72 million), 37 percent less than a year earlier.
Eletrobras, as the company is known, said the smaller profit was due mainly to differences in the timing of some transfers from the federal government related to credits the company is entitled to receive every year. The transfers took longer to happen this year than in 2016, the firm said.
The company reported total revenues of 8.89 billion reais in the quarter, 4 percent more than a year ago.
The Brazilian government announced in August plans to sell its controlling stake in the company. Energy Ministry officials are currently working on the privatization model, which should be released in coming weeks.
Eletrobras is undergoing a large program to sell assets to reduce its large debt load. The company ended the third quarter with a gross debt of 42.48 billion reais, compared to 42.59 billion at the end of last year.
$1 = 3.2793 reais
Reporting by Marcelo Teixeira; Editing by Tom Brown from Reuters.
reuters.com 11 14 2017
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