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Brazil's Eletrobras posts Q3 net loss as revenue dips
Brazilian electric utility Eletrobras posted on Wednesday a third-quarter loss of 88,000 reais ($16,967.45), down from the 965 million reais profit it saw one year ago. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 36% to 3.197 billion reais. Net operating revenue reached 8.033 billion reais, down 13%. Eletrobras is going through a major overhaul after the Brazilian government privatized its largest utility through a $6.5 billion public offering. Last month, the firm offered voluntary layoffs to over 2,000 people, or about 22% of its workforce. Source: Investing.com #Eletrobras
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