Brazil's Eneva posts Q1 net loss of $32.5 million
RIO DE JANEIRO May 13 (Reuters) - Eneva, the energy company co-owned by troubled Brazilian tycoon Eike Batista and German utility E.ON, reported a net loss of 71.9 million reais in the first quarter, according to a securities filing late Tuesday.
The loss, the result of debt payments and related financial costs, was 71.3 percent smaller than a loss of 250.9 million reais in the first quarter of 2013.
Revenues climbed to 586.8 million reais during the period, a nearly 200 percent increase compared with a year ago, the company said.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, a measure of the company's ability to generate cash from operations, rose to 103.9 million reais, compared with a negative EBITDA a year earlier.
On Monday, E.ON, which holds a stake of about 38 percent in Eneva, said it would invest another 200 million euros ($275 million) in the debt-laden company to shore up its finances.
$1 = 2.21 Brazilian reais. (Reporting by Juliana Schincariol; Editing by Eric Walsh)
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