🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Brazil's Eletrobras posts Q3 net loss as revenue dips

Published 11/09/2022, 08:43 PM
Updated 11/09/2022, 08:45 PM
© Reuters. FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid

SAO PAULO (Reuters) - Brazilian electric utility Eletrobras posted on Wednesday a third-quarter loss of 88,000 reais ($16,967.45), down from the 965 million reais profit it saw one year ago.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 36% to 3.197 billion reais.

Net operating revenue reached 8.033 billion reais, down 13%.

The earnings results were mainly hit by a reduction of 1.941 billion reais in transmission revenues, which are readjusted

© Reuters. FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid

by inflation indexes, the company said.

Eletrobras is going through a major overhaul after the Brazilian government privatized its largest utility through a $6.5 billion public offering. Last month, the firm offered voluntary layoffs to over 2,000 people, or about 22% of its workforce.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.