Brazil utility Sanepar's earnings up 16% in Q1
First quarter earnings of Brazil's Paraná state water utility Sanepar rose 16.4% to 218mn reais (US$55mn) from 187mn reais a year earlier.
Net revenue increased to 1.10bn reais from 999mn reais while financial expenses fell to 58.6mn reais from 69.5mn reais.
The company invested 213mn reais in Q1, up from 205mn reais a year before.
Sanepar's net debt increased to 2.54bn reais at the end of the first quarter versus 2.44bn reais at the end of 2018. The company did not provide a comparative figure for end-1Q18.
BOND ISSUE
Meanwhile, Sanepar’s board authorized a 350mn-real (US$89mn) bond issue.
The bonds will be sold in two series, with the first due in June 2024 and the second in June 2026.
The proceeds will be used to finance Sanepar’s investment plans and for working capital.
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