Brazil's CPFL Renovaveis swings to USD 23.8m net loss in 2013

Mar 27, 2014 - Brazilian renewable energy company CPFL Renovaveis (BVMF:CPRE3) booked a net loss of BRL 55 million (USD 23.8m/EUR 17.3m) in 2013, against a net profit of BRL 8.2 million a year earlier.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled BRL 563.1 million, up 11.7% on annual basis.

Net operating revenue jumped by 26.3% to BRL 1 billion in 2013.

In the fourth quarter of 2013, CPFL Renovaveis posted a net profit of BRL 27.7 million, net operating revenue of BRL 334.1 million and EBITDA of BRL 175.5 million.

CPFL Renovaveis invested BRL 804 million in 2013, down from the BRL 1 billion invested a year ago. Investments in the fourth quarter came in at BRL 117 million.

The company's electricity generation rose by 17% to 3,201 GWh in 2013.

In June 2013, CPFL Renovaveis announced the acquisition of the Rosa do Ventos wind park. Last year, the company managed to complete the construction of Atlantica, Macacos and Campo dos Ventos II wind complexes and of two biomass thermal plants -- UTE Coopcana and UTE Alvorada.

(BRL 1.0 = USD 0.433/EUR 0.314)

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