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Engie Brasil's net profit increases 15.6% in Q1

Collocated solar and wind parks. Photo Credit: Istock

May 10 (Renewables Now) - Brazilian power utility Engie Brasil Energia SA (BVMF:EGIE3) saw its first-quarter (Q1) net profit rise by 15.6% year-on-year to BRL 565.5 million (USD 143.3m/EUR 127.5m).

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 15.9% on the year to a little over BRL 1.21 billion, with an EBITDA margin of 51.9%, representing a reduction of 4.1 percentage points compared with Q1 2018. Net operating revenue climbed by 25.1% to BRL 2.34 billion.

During the three month period, the plants operated by Engie Brasil generated a total of 11,399 GWh, or 5,277 average megawatts (MWa), which is 14% higher than the production in the same quarter of 2018.

The local energy unit of France’s Engie SA (EPA:ENGI) currently operates 9,996.2 MW of installed power generating capacity and its share of that amounts to 8,275.5 MW.

(BRL 1 = USD 0.25/EUR 0.23)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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