Light profit slides on rising Brazil spot market costs

Thursday, August 14, 2014

Brazilian utility Light reported a 73.8% year-on-year decline in second quarter net income to 15.3mn reais (US$6.74mn).

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Ebitda fell 13.9% to 239mn reais, while net revenue totaled 1.6mn reais, 1% higher than the year-ago period, Light said in a statement.

The company was hit by higher costs associated with spot-market wholesale energy purchases.

Based in Rio de Janeiro, Light is involved in generation, transmission and electric power trading.