Copasa profits up 119% as billed volume grows

Wednesday, March 16, 2011

Brazil's Minas Gerais state water utility Copasa (Bovespa: CSMG3) posted a 324mn-real (US$195mn) net profit for Q4, up 119% year-on-year.

The uptick in revenue was due to a tariff adjustment implemented in March, as well as a 3.51% increase in billed volume in Q4, the company said in a release. Water and sewerage volumes were up by 3.19% and 4.02% respectively.

Ebitda for the quarter grew 134% to 529mn reais.

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For the full-year 2010, net profit rose 28.9% to 677mn reais, while Ebitda totaled 1.24bn reais, up 32.3%.

Copasa supplies potable water in 613 municipalities to about 12.8mn customers and provides sewerage services to 7.52mn customers in 201 municipalities.

For the company's full Q4 report, go to this link