Brazilian power giant Eletrobras (ELET6.SA), opens new tab reported late on Wednesday a first-quarter net profit of 331 million reais ($65 million), down 19% from a year earlier as it resumed investments in the transmission segment. WHY IT'S IMPORTANT
Eletrobras is Latin America's largest utility and has been implementing new strategies after it was privatized in June 2022, when the Brazilian government diluted its stake in the firm in a transaction worth more than $6 billion.
The company now has dispersed ownership.
"Results in the first quarter reflected the ongoing search for cost rationalization, the focus on financial management and the resumption of investments in transmission," Eletrobras said in a statement.
Eletrobras' net revenues fell 6% in the first three months of the year to 8.72 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 19% to 4.5 billion reais.
