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LatinNews Regional Monitor: Brazil & Southern Cone - 13 November 2019

In brief: Brazil’s Eletrobras records net profit

* Brazil’s state-owned electricity company Eletrobras has reported a net profit of R$716m (US$172m) for the third quarter, up significantly from the R$2.2bn loss posted over the same period last year. Gross profit in Q3 2019 grew 9.7% year-on-year to R$8.8bn (US$2.1bn), a R$1bn increase. Eletrobras notes that the sale of special purpose entities (SPEs) up to September 2019 brought in R$798m, with a further R$202m due to be cashed in by December, and another 39 SPEs due to be divested. The Brazilian government is seeking to pursue the privatisation of Eletrobras, although this project is yet to meet with the necessary support in congress.

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