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May 9 (Renewables Now) - Brazilian power utility Engie Brasil Energia SA (BVMF:EGIE3) saw its first-quarter (Q1) net profit go up by 21.9% on the year to BRL 645 million (USD 130.6m/EUR 123.6m).
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 8.8% to about BRL 1.9 billion, with an EBITDA margin of 61.8%, representing a growth of 8.3 percentage points compared with Q1 2021.
The positive results were driven mainly by the 9.9% increase in the net average price of energy sales, increased purchase volumes of energy, lower fuel and operational costs due to the sale of the Jorge Lacerda thermal power plant, among others, Engie Brasil said.
The company’s net operating revenue went down by 5.8% to BRL 3 billion.
At the end of March, Engie Brasil had 8,440.9 MW of its own capacity and operated a generating complex of 10,161.6 MW. This capacity is divided between hydro and complementary energy sources –- the segment under which Engie reports results for small hydro, wind, solar and biomass-fired plants -- and one thermal power facility.
(BRL 1.0 = USD 0.202/EUR 0.192)