Eletrobras ' profit grows 178% in the first quarter and reaches R $1.3 billion

Eletrobras (Brazilian power plants) recorded net income of R $1.347 billion in the first quarter of 2019, a value that represents a high of 178% in relation to the result of the same quarter last year (R $484 million). According to the state in the balance sheet, the profit is the result of a net profit of R $1.570 billion of the continued operations, discounted the net loss of R $223 million referring to the discontinued operations (privatized distributors). The largest electricity company in Latin America had a profit before interest, taxes, depreciation and amortization (EBITDA) of R $2.9 billion, high of 15% against the same period of the previous year, according to the balance sheet released on Monday night. The company, which controls one third of the generation and half of the transmission capacity of Brazil, had net operating revenues of R $6.45 billion between January and March, a 6% year-on-year advance. The investments totaled R $501 million, a decline of 43% in the annual comparison, in the midst of a restructuring of the company, which in recent years ceased to enter new projects and began to sell assets to reduce debt. The balance sheet also informs that Eletrobras Holding (company Controller) presented net income of R $1.398 billion, an increase of 205% compared to the net profit of R $458 million registered in the 1st tri of 2018. Revenue from the generation area grows 24% Revenue from the company's generation area jumped 24.3%, to R $5.6 billion, driven by an improvement in the company's old hydroelectric gains, which had the revenue updated by the National Electric Energy Agency (Aneel), highlights Reuters; In the area of transmission, revenues totaled 2 billion reais, 19.6% below the visa in the same quarter of 2018. Already in the distribution area, which Eletrobras left with the sale of its dealers in the sector over 2018, still generated the company a loss of R $223 million with discontinued operations, although well below the losses of R $1.9 billion in the previous year. Eletrobras said that there was a loss of R $1.17 billion from its former distributor in Amazonas, partially compensated for gains of R $859 million resulting from the sale of its distributor in Alagoas, Ceal. On the other hand, the result was negatively impacted by R $170 million in provision for a Consensual resignation plan launched by the Company and other provisions of R $293 million, of which R $220 million are due to issues related to the loan Compulsory.