Aug 5, 2014 - Brazilian renewable energy company Renova Energia (BVMF:RNEW11) reduced its loss to BRL 3.3 million (USD 1.5m/EUR 1.1m) in the second quarter of 2014 from BRL 5.8 million a year earlier, the firm said today.
Net revenue grew 8.9% to BRL 57.1 million, mainly driven by an update of wind energy prices and income from distributed solar power projects.
However, earnings before interest, tax, depreciation and amortisation (EBITDA) fell 27.7% to BRL 23.4 million amid higher costs linked to maintenance, start-up of new wind farms and power purchase for resale.
The company sold 310.2 GWh, a decrease of 7.2% versus the second quarter of 2013.
In July, Brazil gave green light for the commercial operation of Renova's Alto Sertao I wind parks, with an installed capacity of 294.4 MW.
In the first six months of 2014, the company booked a net loss of BRL 6.1 million versus a loss of BRL 6.5 million a year earlier.
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