Brazil CPFL Renovaveis posts USD 4.2m net profit in 2012

(SeeNews) - Mar 13, 2013 - Brazilian green energy company CPFL Renovaveis closed 2012 with a consolidated net profit of BRL 8.3 million (USD 4.2m/EUR 3.2m), according to data released yesterday.
In 2011, when the company was created via the merger of the renewable assets of Brazil's power firm CPFL Energia (SAO:CPFE3) and green energy investment player ERSA, CPFL Renovaveis booked a net profit of BRL 70.9 million.
Excluding some non-recurrent effects, such as the costs with the preparation of the company's initial public offering (IPO) which has been shelved abiding more favourable market conditions, CPFL Renovaveis' net profit for the last year would have totalled BRL 30.3 million, the company stressed in the balance sheet.
The company's net operating revenue soared to BRL 806.4 million from BRL 442.6 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at BRL 504.3 million, adding as much as BRL 419.6 million on an annual basis.
The strong revenue and EBITDA results, however, were offset by higher costs and financial expenses, CPFL Renovaveis explained.

(BRL 1 = USD 0.509/EUR 0.391)

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