Sao Paulo, Brazil, 25 July – Energias do Brazil posted profits of 112.9 million reais in the second quarter, up 333 percent in a year-on-year comparison, the utility has announced.
In a statement Tuesday, the Brazilian company, a subsidiary of Portugal’s EDP, said its performance was due to a doubling of production capacity, increased amounts of power distributed and adjustments in tariffs in 2006 and 2007.
The company’s revenues climbed to 1.16 billion reais in the second quarter, an increase of 27.3 percent.
Profits posted by Energias do Brazil in the first half of the year were 240.8 million, up 92.1 percent in an annual comparison.
The company’s investments totaled 127.6 million in the second quarter, down 39.8 percent compared to the same period in 2006.
This reduction in expenditure was due to the completion of work on the Peixe Angical dam in the northern Brazilian state of Tocatins, added the statement.
Energias do Brazil has controlling stakes in distribution companies Bandeirante, Enersul and Escelsa, energy trading firm Enertrade and production units Energest, Enerpeixe and EDP Lajeado. (macauhub)