Sabesp's earnings slump on weaker real
São Paulo state water utility Sabesp saw its net profit plunge in the second quarter as the depreciation of the Brazilian real versus the US dollar impacted its debt service charges.
The company posted earnings of 182mn reais (US$47.8mn) in the quarter, down from 332mn reais a year earlier.
Losses associated with the weaker real, which hurt the company's dollar-denominated debt, were 770mn reais compared with 209mn reais a year ago.
On the operational side, net revenues increased 5.1% to 3.672bn reais, according to a statement.
Costs and expenses rose 19.1% in the period to 1.966bn reais.
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