Sabesp saw earnings drop by almost half in the second quarter as higher revenues were offset by worsening financial expenses.
The São Paulo sanitation company announced this Thursday that its net profit from April to June totaled 422.4 million reais, down 45.4% year on year.
The company’s net revenue in the quarter totaled 5.26 billion reais, an increase of 14.6% year on year, with emphasis on the 14.7% increase in service billing, in the wake of the increase in tariffs.
Operating income measured by adjusted earnings before taxes, interest, depreciation and amortization (EBITDA) of 1.5 billion reais was 3.9% higher year-on-year.
Analysts, on average, expected Ebitda of 1.8 billion reais for Sabesp in the second quarter, with net income of 810 million, according to data from Refinitiv.
The financial result was negative by 324.4 million reais, compared to a surplus of 248.8 million a year earlier.
Source: CNN Brasil
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