Eletrobras has a profit of R$ 2.7 billion in the 1st quarter, up 70%

Eletrobras reported this Monday (16) that it had a net profit of R$ 2.716 billion in the first quarter, up 69% compared to the same period in 2021, benefiting from the exchange rate variation and the 12% increase in gross revenue.

The recurring Ebitda (earnings before interest, taxes, depreciation and amortization) reached R$ 5.428 billion, an increase of 9.6% in the annual comparison, informed the company, which is in the process of capitalization.

The government of President Jair Bolsonaro expects the TCU (Court of Accounts of the Union) to give approval to the privatization later this week in an important judgment on the matter scheduled to be resumed on Wednesday.

A decision in favor of the government would pave the way for a stock offering to take place until July, the next window considered ideal.

Eletrobras highlighted in the balance sheet that another positive factor for the performance of the first quarter was the reduction in PMSO cost by 3.4%.

The negative highlight was the recording of R$ 1.226 billion in Provisions for Doubtful Accounts, arising from the delinquency of Amazonas Energia D, of which R$ 867 million refer to the purchase of electric energy from independent energy producers (PIE) located in the Amazonas and R$ 359 million related to loan agreements owed by said distributor.

Net operating revenue grew 12% to R$9.181 billion, influenced by better performance in bilateral contracts and by the readjustment of transmission revenues, the company said.

Energy sold stood at 42.7 gigawatt-hours (GWh) in the quarter, down 13.1% year-on-year.

The company ended the period from January to March with cash of R$ 15.454 billion, and recurring net debt of R$ 20.554 billion. Leverage measured by the ratio between net debt and recurring Ebitda was 1 time, against 1.9 time in the first three months of last year.

Investments grew 1% to R$523 million.