Copel's profit jumps 52% in the 4th quarter.
Net income was R$ 271 million in the fourth quarter, a 52 percent increase year-over-year; the result was favored by the recognition of R$ 1,041 billion in sectoral financial assets and liabilities; Copel was also benefited by the 24,86 percent adjustment applied to Copel Distribuição's tariffs starting in June 2014 and by the sale of energy produced by the Araucária plant in the short-term market, the company said in its earnings report.
RIO DE JANEIRO (Reuters) - Copel reported a net profit of 271 million reais in the fourth quarter, a 52 percent increase year-on-year, the Paraná-based energy company announced Friday night.
The result was boosted by the recognition of R$1,041 billion in sectoral financial assets and liabilities. Copel also benefited from the 24,86 percent adjustment applied to Copel Distribuição's tariffs starting in June 2014 and from the sale of energy produced by the Araucária plant in the short-term market, the company said in its earnings report.
Copel's net revenue rose 82,6 percent to 4,46 billion reais. Operating costs and expenses for the period reached 4,15 billion reais, 72,9 percent higher year-on-year.
Meanwhile, EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped 97,7 percent on the same basis of comparison, to 519 million reais.
In 2015, Copel will invest 2,5 billion reais, with approximately 60 percent allocated to electricity generation and transmission projects, including the construction of 17 wind farms and 13 transmission projects already underway.
The company plans to distribute 622,5 million reais in dividends and interest on equity.
(By Juliana Schincariol)