Rio de Janeiro – Eletrobras posted a net profit of BRL 716 million (USD 171.9 million) in Q3, up from BRL 2.2 billion (USD 528 million) in losses in Q3 2018. Gross revenue was BRL 8.8 billion (USD 2.1 billion), up 9.7% from Q3 2018.
Ebitda (earnings before interest, taxes, depreciation and amortization) increased by 303% year-on-year to BRL 2.8 billion (USD 672 million). The increased revenue helped drive the state-run utility’s results.
Financial results were also driven by a 17% reduction in recurrent spending on personnel, material, third-party services and other expenses, with costs reduced by some BRL 371 million (USD 89.1 million) during the quarter.
Year-to-date through September 2019, Eletrobras ran BRL 7.624 billion (USD 1,831 billion) in net profit, up 1,985% from losses of BRL 404 million (USD 97 million) in the year-ago period.
Translated by Gabriel Pomerancblum
