Eletrobras surprises with profit in 3rd quarter

According to financial statements sent to the Commission of Securities (CVM), Eletrobras reversed the loss of R$ 2.264 billion in the third quarter of 2018 and had net income of R$ 651 million in the third quarter this year.

For analysts, the result is due to the privatization that served as the main stimulus and the next important action of the company should be the capital increase of R$ 9.9 billion to be voted on 14 november at the extraordinary general meeting.

The company had net revenue of R$ 7.291 billion July to September of this year, a 9.8% growth over R$ 6.641 billion in the same period last year. Profit before financial results and taxes (Ebit) grew 9 times and stood at R$ 2.327 billion.

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