Brazil’s Eletrobras reports 45% drop in Q2 net profit

(Reuters) – Brazilian energy firm Eletrobras on Friday reported its second-quarter web earnings fell 45%, hit by the availability for losses in investments.

Within the first earnings report since its privatization, Centrais Eletricas Brasileiras SA, as the corporate is formally identified, posted a web earnings of 1.4 billion reais ($276.03 million).

Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) rose 6% to 4.861 billion reais from the earlier yr.

Internet working income reached 8.856 billion reais, up 19%.

In June, Brazil’s authorities diluted its stake in Eletrobras, Latin America’s largest utility, via a share providing that raised about $6 billion and lured world buyers.

($1 = 5.0719 reais)

(Reporting by Peter Frontini)