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Brazil's Eletrobras second-quarter net income drops 98 pct
August 11, 2017 / 10:46 AM / a month ago

Brazil's Eletrobras second-quarter net income drops 98 pct

SAO PAULO, Aug 11 (Reuters) - Brazilian state-controlled power utility Centrais Elétricas Brasileiras SA posted net income of 306 million reais ($96 million) in the second quarter, a drop of 98 percent from the year before, according to a securities filing early on Friday.

Excluding non-recurring items, Eletrobras, as the company is known, swung to a profit of 162 million reais from a loss of 157 million reais.

Earnings before interest, tax, depreciation and amortization, a gauge of operating profit known as EBITDA, fell 87 percent to 3 billion reais.

$1 = 3.1751 reais Reporting by Alberto Alerigi Jr; Writing by Bruno Federowski; Editing by W Simon

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