Brazil's Tractebel 4Q Net Profit BRL373.3 Million Vs BRL340.6 Million
07 Februar 2011 - 11:02AM
Dow Jones News
Tractebel Energia SA (TBLE3.BR, TBLEY), the Brazilian unit of
GDF Suez SA (GSZ.FR), said over the weekend that fourth-quarter net
profit increased 9.6% as it sold more electricity and for higher
prices on the spot market.
Tractebel's net profit rose to 373.3 million Brazilian reais
($223 million) in the fourth quarter from BRL340.6 million a year
earlier, higher than the BRL365 million forecast by analysts polled
by Dow Jones Newswires.
Figures were compiled using international financial reporting
standards, or IFRS.
Revenue climbed to BRL1.1 billion from BRL914 million in the
fourth quarter of 2009. Earnings before interest, taxes,
depreciation and amortization, or Ebitda, grew to BRL696.2 million
from BRL615 million.
Profit "directly benefited from strong prices on the spot market
and gains in average energy volumes," Ativa Corretora analyst
Ricardo Correa wrote in a note before the company's earnings were
released. "We expect strong earnings, with positive impact on the
stock."
Correa expected revenue of BRL1.04 billion and net profit of
BRL367 million.
For the full year of 2010, the company reported a net profit of
BRL1.21 billion, up from BRL1.09 billion posted in 2009.
Net debt for the fourth quarter was at BRL3.36 billion, up from
BRL2.16 billion at the end of the third quarter.
-By Rogerio Jelmayer and Paulo Winterstein, Dow Jones Newswires;
5511-3544-7071; rogerio.jelmayer@dowjones.com
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