Eletrobras Swung to Profit in 3Q After Year-Earlier Provisions Not Repeated
By Jeffrey T. Lewis
SÃO PAULO--Centrais Elétricas Brasileiras swung to a profit in the third quarter after provisions recorded in the year-earlier period weren't repeated.
The electric utility known as Eletrobras reported net income of 1.5 billion reais in the quarter, the equivalent of $308 million, compared with a net loss of BRL100,000 a year earlier. Net operating revenue rose to BRL8.8 billion from BRL8.0 billion.
Eletrobras reported a reversal of operating provisions of BRL25 million in the third quarter of this year, after recording BRL1.5 billion in operating provisions a year earlier that was set aside as an allowance for loan losses related to the delinquency of payments by a power distributor, among other reasons.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
November 08, 2023 06:51 ET (11:51 GMT)
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