Brazil: Profits at Energias do Brasil fall 27 percent in first nine months

5 November 2008

Sao Paulo, Brazil, 5 Nov – Profit at Energias do Brasil fell 27.4 percent to 269.8 million reais, from January to September of this year, against the same period of 2007, the holding controlled by EDP-Energias de Portugal said Tuesday.

The result was impacted by a loss of 129.6 million reais from the amortisation of the premium on Enersul, one of the distributors then controlled by the group, the company said in a statement.

Without this item, accumulated profit would have been 413.8 million reais, a rise of 11.4 percent in relation to the first nine months of 2007.

Net incomes rose 5.2 percent to 1.22 billion reais, between July and September of this year, against the same period of 2007.

Profit for the third quarter was 117.6 million reais, a fall of 9 percent, in the period, “due to the negative effect of the company’s financial results.”

The group’s investment totalled 146.3 million reais, distributed between production (16.3 percent) and distribution (84.3 percent).

Energias do Brazil controls distribution companies, Bandeirante (Sao Paulo), Escelsa (Esprito Santo state) and Enersul (Mato Grosso do Sul), as well as generation companies, EDP Lajeado, Energesy and Enerpeixe, and sales company Enertrade. (macauhub)