Brazil's Eletropaulo posts $156 mln Q2 net loss due energy costs

miércoles 6 de agosto de 2014 20:03 GYT
 

SAO PAULO Aug 6 (Reuters) - Brazil's AES Eletropaulo , the electricity distributor in metropolitan Sao Paulo, posted a second quarter net loss of 354.4 million reais($155.89 million), reversing a profit made a year ago, according to a securities filing on Wednesday.

The company said the loss was due to a 94 percent increase in its costs due to higher prices for electricity that it buys for distribution that were pushed by energy shortages that led to use of more expensive thermal power.

Earnings before interest, taxes, depreciation and amortization, a gauge of cash generation known as EBITDA, were negative by 382.7 million reais, compared to a positive 509.6 million reais in the second quarter of 2013.

Net sales rose 2.6 percent to 2.2 billion reais.

(1 US dollar = 2.2734 Brazilian real) (Reporting by Anna Flavia Rochas; editing by Andrew Hay)