Annual profit falls at Brazil power utility Cemig
SAO PAULO, March 21 (Reuters) - Net income at Cia Energetica de Minas Gerais SA, Brazil's third-largest power utility, fell 27.3 percent in 2013 from the previous year despite an increase in cash flow from higher revenues and reduced operating costs. Profit was 3.1 billion reais ($1.33 billion), down from 4.2 billion reais in 2012, when the Minas Gerais state government helped the balance sheet of Cemig, as the company is known, with an early debt settlement. Cemig did not break down its fourth-quarter earnings in the filing released late on Friday. Earnings before interest, taxes, depreciation, amortization and stock option expenses, a gauge of operational profitability known as adjusted EBITDA, was 5.19 billion reais in 2013, up from 4.23 billion reais in 2012. Net operating revenue rose 3.47 percent to 14.6 billion reais in 2013. Cemig said last year it would adopt a number of measures to boost profitability, including cost cuts and growth through acquisitions and investments in new projects such as small hydroelectric plants and wind power. ($1 = 2.33 Brazilian reais) (Reporting by Anna Flávia Rochas; Additional reporting by Asher Levine; Writing by Caroline Stauffer; Editing by Bernard Orr)
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