Brazil's Eletrobras posts unexpected $3.4 billion loss for 2012

Wed Mar 27, 2013 11:18pm EDT

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BRASILIA/SAO PAULO, March 27 (Reuters) - State-controlled Eletrobras, Brazil's largest power utility holding company, posted on Wednesday an unexpected net loss of 6.88 billion reais ($3.42 billion) for last year compared to a profit of 3.73 billion in 2011.

The company, which is formally called Centrais El├ętricas Brasileiras SA, said in a securities filing that it had a net loss of 10.5 billion reais in the fourth quarter of 2012, compared to 557 million reais in profit in the same quarter of 2011.

Eletrobras was expected to earn 4.1 billion reais in profit for the full year, according to consensus estimates by 19 analysts compiled by Thomson Reuters. Net income for the fourth quarter was expected at 1 billion reais.

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