Eletrobras Loses $1.12 Bln in Q1
Brazil's state-controlled electricity holding company Centrais Elétricas Brasileiras SA reported on Thursday a loss of 3.89 billion reais ($1.12 billion) in the first quarter, sharply reversing a gain of 1.11 billion reais a year earlier.
The company, which controls 15 subsidiaries in Brazil and has a 50-percent stake in the country's largest hydroelectric dam Itaipu, said losses from some of its power distribution companies and smaller revenues from electricity sales in the spot power market impacted its first quarter results.
Eletrobras, as the company is known, had reported a huge loss of 10.44 billion reais in the previous quarter, when it admitted losses in large projects such as the nuclear power plant Angra 3.
The Brazilian holding company said net revenues fell to 6.76 billion reais in the first quarter compared to 8.59 billion reais in the same period last year.
Eletrobras admitted on Wednesday that its American Depository Receipts could be delisted in New York as a result of delayed regulatory filings, the latest consequence of a vast corruption investigation rattling Brazil.
(Reporting by Marcelo Teixeira)
