Eletrobras announced that it had obtained a net profit of R$ 2.7 billion in the first quarter of 2022. The result, released this Monday (16), is 69% higher than the same period in 2021 and was positively impacted by the 12% increase of gross revenue, and also by the company’s financial performance, with emphasis on the positive effect of the exchange rate variation.
The 3.4% reduction in PMSO cost also contributed to the positive result – which accounts for personnel (P), material (M), outsourced services (S) and other expenses (O) items. On the other hand, there was a record of R$ 1.2 billion in provisions for doubtful accounts, arising from the delinquency of the distributor Amazonas Energia.
Net operating revenue grew by 12%, influenced by the readjustment of bilateral contracts and transmission revenues, increase in fixed rates at Angra I and II and better performance at UTE Candiota III. The reduction in the company’s net debt by 4.6% is another positive point in the quarter, maintaining the net debt/recurring EBITDA ratio at 1, reinforcing the company’s focus on financial discipline and liquidity, ending the quarter with a consolidated cash position of BRL 15 billion.
Provisions for contingencies in the period totaled R$671 million, of which R$300 million related to the compulsory loan. Eletrobras ended the quarter with an installed capacity of 50,491 megawatts (MW), equivalent to 28% of the country’s electricity generation, while in the transmission segment the company owns around 40% of Brazil’s lines.
