Annual profit falls at Brazil power utility Cemig

Fri Mar 21, 2014 9:02pm EDT

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SAO PAULO, March 21 (Reuters) - Net income at Cia Energetica
de Minas Gerais SA, Brazil's third-largest power
utility, fell 27.3 percent in 2013 from the previous year
despite an increase in cash flow from higher revenues and
reduced operating costs.
    Profit was 3.1 billion reais ($1.33 billion), down from 4.2
billion reais in 2012, when the Minas Gerais state government
helped the balance sheet of Cemig, as the company is known, with
an early debt settlement.
    Cemig did not break down its fourth-quarter earnings in the
filing released late on Friday.
    Earnings before interest, taxes, depreciation, amortization
and stock option expenses, a gauge of operational profitability
known as adjusted EBITDA, was 5.19 billion reais in 2013, up
from 4.23 billion reais in 2012.
    Net operating revenue rose 3.47 percent to 14.6 billion
reais in 2013.
    Cemig said last year it would adopt a number of measures to
boost profitability, including cost cuts and growth through
acquisitions and investments in new projects such as small
hydroelectric plants and wind power.
    ($1 = 2.33 Brazilian reais)

 (Reporting by Anna Flávia Rochas; Additional reporting by Asher
Levine; Writing by Caroline Stauffer; Editing by Bernard Orr)
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