Brazil CPFL Renovaveis slips into USD 6.8m net loss in Q3 2013

Nov 14, 2013 - Brazilian renewable energy company CPFL Renovaveis ended the third quarter of 2013 with a net loss of BRL 16 million (USD 6.8m/EUR 5.1m) against a net profit of BRL 2.9 million a year earlier.
In January-September 2013, the company posted a loss of BRL 82.8 million, from a profit of BRL 8.4 million.
However its net operating revenue increased by 10.6% to BRL 268.8 million in the quarter.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled BRL 148.5 million, down 11.3% on annual basis.
CPFL Renovaveis invested BRL 132.7 million in the quarter, down 40% year-on-year. In the nine months to September, investments came in at BRL 686.6 million, falling 20.5% year-on-year.
At end-September, the company had 59 solar, hydro, biomass and wind plants in operation with an overall capacity of 1,233 MW. Between July and September, CPFL Renovavies launched the 50-MW biomass Coopcana thermal plant, in Parana state; and the 30-MW Campo dos Ventos II wind farm, in Rio Grande do Norte state.
The launch of new projects resulted in a 15.8% jump in the company's electricity generation to 2,204 GWh in the nine months to September.
(BRL 1.0 = USD 0.428/EUR 0.318)

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