Brazil's Eletropaulo posts larger-than-expected Q2 profit

SAO PAULO Wed Aug 7, 2013 6:30pm EDT

SAO PAULO Aug 7 (Reuters) - Eletropaulo Metropolitana Eletricidade de São Paulo SA, Brazil's largest power distributor, reported a second-quarter profit more than double what analysts had expected on Wednesday.

The Sao Paulo-based company posted earnings of 245.3 million reais ($106 million) in the April-June period, up from 43.4 million reais in the same quarter a year earlier, according to a securities filing.

Eletropaulo posted a first-quarter loss this year due to a surge in thermal power costs after the government ordered generators to switch on thermal plants to protect dwindling reservoirs at hydropower plants.

Four analysts polled by Thomson Reuters had predicted an average profit of 158.2 million reais for the second quarter.

Earnings before interest, tax, depreciation and amortization, a widely used gauge of operational profitability known as EBITDA, was 509.7 million reais, compared with 223.4 million reais in the year-ago period.

Analysts polled had expected EBITDA of 369.4 million reais.

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