SÃO PAULO (Reuters) – Eletrobras posted net income of 1.4 billion reais in the second quarter, down 45% from the same period in the previous year, “mainly” due to the effects of the negative exchange rate variation of 625 million reais by the exposure of the company’s dollar-denominated debt.
On Friday night, the company said that the quarterly result was also impacted by the provision for losses on investments in the amount of 890 million reais, mainly due to the capital contribution made by the subsidiary Furnas to Santo Antônio Energia.
There was also an impact from the provision for doubtful accounts (PCLD), which totaled 694 million reais, influenced by the delinquency of the distributor Amazonas Energia, especially with regard to the financial debt with the holding company.
Cash generation measured by adjusted Ebitda grew by 6% to 4.861 billion in the second quarter.
The result for the period already considers the accounting effects of the segregation of Eletronuclear, which ceased to be a company controlled by Eletrobras after privatization.
The balance sheet also includes the sale of the equity interest held in Itaipu Binacional and the signing of new generation concession contracts resulting from privatization.
Net operating revenue increased 19% to 8.856 billion reais, due to the better performance in bilateral contracts and the annual readjustment of transmission revenues, whose asset base was expanded in the 21/22 cycle by the reprofiling of the Rede Básica Existing System (RBSE) that consists of indemnities for concessions renewed in advance in 2012, pursuant to Provisional Measure 579.
(By Roberto Samora)
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