STXNEWS LATAM-Brazil's Eletropaulo 2012 net profit falls 93 pct
Eletropaulo, AES Brasil's power distribution unit, on Tuesday reported a 93.1 percent drop in net profit for 2012 over the previous year, mainly due to the increased cost of electricity.
Eletropaulo reported a net loss of 72.6 million reais in the fourth quarter of 2012 compared to a net profit of 686.7 million reais a year earlier. It closed the year with net profit of 107.9 million reais, compared to profit of 1.57 billion reais in 2011.
Earnings before interest, taxes, depreciation and amortization, a gauge of cash generation known as EBITDA, totaled 655.6 million reais for 2012, down 77 percent from the previous year.