Business Services Industry
Iberdrola's distributors post loss.
South American Business Information, August, 2002
Brazil, Aug 15, 2002
The three Brazilian power distributors controlled by Iberdrola posted losses over the Q2 2002 (Apr-Jun). Coelba had a loss of R$14.8mil, against a profit of R$26.6mil posted in Q2 2001. The net income boosted from R$423.8mil to R$450.2mil. The company doubled for R$33.9mil the provisions for doubtful debtors and increased from R$3.4mil to R$24mil the provisions for contingency. Cosern ended Q2 2002 with a net loss of R$1.2mil, against a profit of R$16.4mil posted in the same period of 2001. The net income was of R$111.1mil, an increase of 15,5% due to the annual tariffs adjustment. The financial net expenses passed from R$6.8mil to R$8.8mil. Celpe had a loss of R$11.6mil against the profit of R$54.9mil posted in Q2 2001. The net income...
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