Eletrobras Records R$5.5 Billion Net Profit in Q2 2019

RIO DE JANEIRO, BRAZIL – State-owned Centrais Elétricas Brasileiras S.A. (Eletrobras) recorded a net profit of R$5.5 billion (US$1.4 billion) in the second quarter of 2019, 305 percent more than the R$1.3 billion recorded over the same period of last year.

The figure covers the sum of net income from ongoing operations, totaling R$301 million, plus the R$5.2 billion net income from the privatization of Amazonas Energia. The data were released on Monday night, August 12th, by the state-owned company.

The growth in net operating revenue was 12 percent compared annually between the second quarter of 2018, and this year, rising from R$5.9 billion to R$6.6 billion. The earnings before interest, taxes, depreciation, and amortization for recurring items (EBITDA) grew eight percent, increasing from R$2.8 billion to R$3.1 billion.

In the first six months of 2019, Eletrobras recorded a net profit of R$6.9 billion, an increase of 272 percent in relation to the R$1.8 billion in the first half of 2018. Net operating revenue grew 9.2 percent, from R$11.9 billion in the first half of 2018 to R$13.09 billion. As a result, recurrent EBITDA went from R$6.1 billion to R$6.03 billion.

According to the company, the recurring LTM net debt/Ebitda indicator for the last twelve months had doubled, which is better than the target established. Contingency reserves totaled R$329 million and the reversal in interest-bearing contracts was R$248 million.

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