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Brazil’s Eletrobras reports 45% drop in Q2 net profit

The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the NYSE in New York

Aug 12 (Reuters) – Brazilian power company Eletrobras (ELET6.SA) on Friday reported its second-quarter net income fell 45%, hit by the provision for losses in investments.

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. read more

($1 = 5.0719 reais)

Source reuters.com

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