Eletrobras Swung to Profit in 3Q After Year-Earlier Provisions Not Repeated
By Jeffrey T. Lewis
SÃO PAULO--Centrais Elétricas Brasileiras swung to a profit in the third quarter after provisions recorded in the year-earlier period weren't repeated.
The electric utility known as Eletrobras reported net income of 1.5 billion reais in the quarter, the equivalent of $308 million, compared with a net loss of BRL100,000 a year earlier. Net operating revenue rose to BRL8.8 billion from BRL8.0 billion.
Eletrobras reported a reversal of operating provisions of BRL25 million in the third quarter of this year, after recording BRL1.5 billion in operating provisions a year earlier that was set aside as an allowance for loan losses related to the delinquency of payments by a power distributor, among other reasons.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
November 08, 2023 06:51 ET (11:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters