Brazil AES Eletropaulo 1Q Net Profit Down 2.0% On Year At BRL148 Million
May 14 2009 - 7:10PM
Dow Jones News
Brazilian power company AES Eletropaulo (AES) posted a 2.0%
on-year slide in first-quarter net profit on weaker consumption and
a jump in retirement-related benefit costs, the company said late
Thursday.
AES Eletropaulo registered a first-quarter net profit of 148
million Brazilian reals ($71 million), down from BRL151 million in
the year-ago quarter.
In a statement, AES Eletropaulo said that the first-quarter
results reflected an 8.01% rate adjustment by regulator Aneel in
July, a decline in consumption and increased retirement costs.
The company recorded revenue of BRL1.85 billion in the first
quarter, up 5.3% from BRL1.76 billion in the first quarter of
2008.
Earnings before interest, taxes, depreciation and amortization,
or Ebitda, in the first quarter were BRL356 million, down from
BRL361 million in the year-ago quarter.
Ebitda margin, a key indicator of profitability, fell to 19.2%
in the first quarter versus 20.6% in the year-ago period.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com