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Brazil’s Eletrobras posts hefty profit on accounting change

August 16, 2016 by

Brazilian government-run electric power holding company Eletrobras, on Tuesday, posted a second quarter profit of R$12.7 billion, reversing a R$1.36 billion loss from the second quarter of 2015. Most of the profit came from an accounting change that altered the amortization schedule of some of the company’s major subsidiaries. Eletrobras also gained from rate hikes ordered for its subsidiaries over the course of last year, producing higher revenues this year.

Link to Eletrobras release

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