LatinNews Daily - 05 May 2023

In brief: Quarterly profits for Brazil’s Eletrobras down year-on-year

* The Brazilian electricity company Eletrobras has released its results for first quarter of 2023, which show a profit of R$406m (US$81.44m). While this is up from the loss of R$479m posted in Q4 2022, it reflects a year-on-year decrease from the profit of R$2.7bn in Q1 2022. The company’s president, Wilson Ferreira Junior, stated that “Eletrobras is going through a major restructuring after the capitalisation and broadening of investments has strengthened its capacity to create value for this more modern and competitive company.” This restructuring comes after the privatisation of the company in June 2022, which President Luiz Inácio Lula da Silva had previously criticised, describing it as “a leonine process against the interests of the Brazilian people”, and, in February, had even asked the federal attorney general’s office (AGU) to look into the clauses in the privatisation package.

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