Brazil-based integrated electric utility,
Companhia Energetica de Minas Gerais (
, also known as CEMIG reported a 20% year-over-year increase in its
first quarter 2012 net income, settling at R$631 million
Net revenue in the first quarter was R$4,148 million (US$2,343.5
million), up 15% year over year. The increase was primarily driven
by a 2.6% growth in electricity sold, that reached 18,619 GWh at
the end of the quarter.
Operational expenses in the quarter totaled R$2,945 million
(US$1,663.8 million), up 16.0% year over year.
EBITDA in the quarter soared 11% year over year to R$1,440
million (US$813.6 million) while margin stood at 34.7%. Operating
margin in the quarter decreased 40 basis points to 29.0%.
Balance Sheet/Cash Flow:
Exiting the first quarter, the company's cash and cash equivalents
were R$2,235 million (US$1,228.0 million) compared with R$2,862
million (US$1,538.7 million) in the previous quarter. Loans and
financing increased by 8.9% to R$5,837 million (US$3,207.1
Cash generated by operations increased 24% year over year to
R$938 million (US$530 million) while the company also raised its
capital spending by 15% to R$479 million (US$270.6 million).
CEMIG is one of the largest integrated electric utilities in
Brazil with approximately 97% of the company's installed generation
capacity being hydroelectric power. The company competes with its
other players including
Companhia Paranaense de Energia
The stock currently bears a Zacks #3 Rank, which translates into
a short-term (1-3 months) Hold rating.
CEMIG SA -ADR (CIG): Free Stock Analysis Report
COPEL-ADR PR B (ELP): Free Stock Analysis
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