Contrary to the most optimistic forecasts, which bet on a robust result in the first balance sheet entirely under private management, Eletrobras presented a net loss of R$ 88 thousand in the third quarter of the year. In the same period of 2021, the company had reported a profit of R$ 965 million.
In the market forecast, the average of the estimates of five analysis houses (BTG Pactual, Itaú BBA, JP Morgan, Santander and XP Investimentos) consulted by Prévias Broadcast, the company would have a net profit of R$ 1.645 billion in the period.
However, the quarterly result was impacted by a reduction of R$ 1.941 billion in transmission revenues and an increase of R$ 1.041 billion in financial expenses, mainly due to debt charges with the incorporation of Santo Antônio Energia. Operating provisions and charges also affected the result, according to the company.
The company’s net operating revenue reached BRL 8.033 billion in the period, 13% lower than the same period in 2021. Revenue from energy generation totaled BRL 6.754 billion in the period, up 17.5%, while transmission revenue fell 39.9%, to R$ 2.924 billion.
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) totaled R$3.197 billion in the quarter, down 36% from the same period in the previous year. Recurring EBITDA, which excludes costs and provisions for assets and plans, dropped 54% to R$2.419 billion.
From July to September, the company invested R$ 990 million, a reduction of 3% compared to the same period of the previous year.
Eletrobras’ total operating costs and expenses totaled R$ 7.377 billion in the third quarter, a 31% drop compared to the same period last year.
At the end of September, Eletrobras’ adjusted net debt was R$33.522 billion, 75% higher than that seen in the same period of the previous year, substantially affected by Santo Antônio Energia’s debt of approximately R$19.8 billion. Leverage, measured by the net debt to recurring Ebitda ratio, reached 1.8 times in the quarter, compared to 0.9 times in the same period last year.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
