Cemig’s net income drops 27% in the 3rd quarter, to R$421.05 million

A Cemig reported net income of R$421.05 million in the third quarter of this year, down 27% from the same period last year.

Between July and September, Earnings Before Interest, Taxes, Depreciation and Amortization (Ebitda, the acronym in English) adjusted by the exclusion of non-recurring items, increased 6.4% on an annual basis of comparison, to R$ 1.468 billion, while the Ebitda margin went from 20.76% to 18.51%, a reduction of 2 .25 percentage points (pp).

Cemig’s net revenue in the third quarter advanced 48% to R$9.52 billion.

Operational

Revenue from energy sold to final consumers from July to September totaled BRL 6.91 billion against BRL 5.785 billion in the same period in 2020, representing an increase of 19.5%. In the period, the gross supply of energy totaled 13,524,447 megawatt-hours (MWh), up 4.1% over the same period last year.

In relation to the gas, the company recorded revenue from supply of BRL 838,444 million in the second quarter, growth of 107.9% year-on-year.

In the period, Cemig sold 340,126 cubic meters per day (m3/day) of gas, a volume 85.7% higher than in the same quarter in 2020. The average price invoiced per MWh was R$568.22.

The energy billed by Cemig Geração e Transmissão (GT) was 7.4 million MWh, an increase of 6.5%, driven by the consumption of free industrial class customers, due to the execution of new energy sales contracts.

In the purchase of gas for resale, the company had an expense of R$ 560.010 million in the quarter, an increase of 170.1% compared to the same period in 2020.