By Jeffrey T. Lewis
SÃO PAULO--Brazilian power company CPFL Energia SA said profit rose in the first quarter from a year earlier as rate increases offset a decline in the volume of electricity sold.
The holding company, which owns stakes in generation, distribution and commercialization businesses, said Thursday that net income increased 6.3% from the first quarter of 2020 to 961 million reais, the equivalent of $181 million. Earnings before interest, taxes, depreciation and amortization rose 15.9% to 2 billion reais and net operating revenue rose 13.8% to 8.3 billion reais.
The company said average tariffs rose 9.4% in the period after periodic rate increases, which was partially offset by a 3.4% decline in the amount of energy sold. Other operating revenue jumped 22.9% from the first quarter of 2020 as network usage charges increased because of tariff adjustments and an increase in the volume of electricity transported, CPFL said.
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(END) Dow Jones Newswires