STXNEWS LATAM-AES Brasil generation unit Q4 net drops 30.9 pct
Power utility AES Tietê reported net profit of 181.5 million reais in the fourth quarter of 2012, a 30.9 percent drop compared to the same quarter of 2011, the company said on Tuesday.
Earnings before interest, taxes, depreciation and amortization, a gauge of cash generation known as EBITDA, also dropped 30.2 percent, to 292.1 million reais.
The company said the decline was due to a combination of a readjusted price in its supply contract with AES Eletropaulo , the lower volume of electricity sold and an increase in operational costs.
AES Tietê, which is the generation unit of AES Brasil, the Brazilian unit of U.S. energy giant AES Corp, said it plans to invest 213.2 million reais this year.
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