Esporte Engie Brasil’s net profit falls by 58.4% in Q2 2021

Esporte Engie Brasil’s net profit falls by 58.4% in Q2 2021

Esporte

August 9 (Renewables Now) – Brazilian power utility Engie Brasil Energia SA (BVMF:EGIE3) saw its second-quarter (Q2) net profit drop by 58.4% on the year to BRL 319 million (USD 61.1m/EUR 51.8m).

The result was negatively affected by a restatement at IGP-M of concessions payable and by non-recurring effects.

Earnings before interest, tax, depreciation and amortisation (EBITDA) went down by 4.4% to about BRL 1.37 billion, with a net operating revenue that climbed by 16.6% to BRL 3.13 billion.

The power plants operated by the local energy unit of France’s Engie SA (EPA:ENGI) have generated 7,242 GWh of electricity during the second quarter, up 51.4% year-on-year, as the output of all sources rose.

Complementary energy sources, the segment under which Engie reports results for small hydropower, wind, solar and biomass plants, accounted for 1,312 GWh, or an increase in production of 19.9%.

At the end of the quarter, Engie Brasil had 8,958.3 MW of installed capacity and operated a generating complex of 10,679 MW across 68 power plants. It owns 64 of them, while the remaining four are held in consortia with other companies.

(BRL 1.0 = USD 0.192/EUR 0.162)

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