AES Tietê 's profit rises 13.3% in the first quarter

AES Tietê registered a profit attributed to shareholders of the parent of R $62,010,000 in the first quarter of this year, a value 13.3% higher than in the same period of 2018. Revenue advanced 16.5%, reaching R $501,010,000. The increase is mainly explained by the high revenues from bilateral contracts, the Solar Guaimbê complex (acquired by the company in September 2018) and new energy auction contracts. The advance in revenue was partly chartered by the reduction in sales revenue in the short-term market. The company's operating costs and expenses in the first quarter grew 31.7% in comparison with the same period of the previous year. This high was pulled by the increase of 149% in the cost of purchasing energy for resale, mainly due to the higher volume and average price of bilateral contracts.