August 13, 2019 / 10:09 AM / 2 months ago

Brazil's state-run Eletrobras second-quarter profit soars on sale of subsidiary

FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid

SAO PAULO (Reuters) - Brazil’s state-controlled power company Centrais Eletricas Brasileiras SA (ELET6.SA) said on Tuesday its second-quarter net income soared 305% compared with the same period a year ago, helped by the sale of its subsidiary Amazonas Energia.

Eletrobras, as the company is known, reported in a securities filing a quarterly net income of 5.561 billion reais ($1.40 billion), roughly in line with analysts’ estimates of 5.46 billion reais, Refinitiv data showed.

Reporting by Gabriela Mello; editing by Jason Neely

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