Copasa Announces Parent Earnings Results for the Fourth Quarter and Full Year of 2013
January 31, 2014 at 09:28 pm IST
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Copasa announced parent earnings results for the fourth quarter and full year of 2013. For the quarter, the company posted net income of BRL 101 million a year ago, down 18.8% year-on-year. The result was influenced by a 29% jump in administrative expenses which was up BRL 26 million for the quarter, and a 6% rise in cost of services rendered which was up BRL 24 million. While EBITDA inched up 0.8% year-on-year to BRL 298 million, net operating revenue rose by 5% to BRL 780 million. Net revenue from water and sewage services was BRL 780.382 million compared to BRL 743.521 million a year ago. Earnings before financial result and taxes were BRL 184.498 million compared to BRL 196.069 million a year ago. Earnings before taxes on income were BRL 136.436 million compared to BRL 164.094 million a year ago. EPS was BRL 0.85 compared to BRL 1.05 a year ago. Adjusted EBITDA (excluding construction result) was BRL 294.050 million compared to BRL 288.333 million a year ago.
For full-year 2013, the company's net income fell 12.9% to BRL 420 million, while net revenue rose 8.6% to BRL 3.0 billion. EBITDA for the year increased 1.0% to BRL 1.16 billion. Net operating revenue from revenue and services was BRL 3,714.818 million compared to BRL 3,429.090 million a year ago. Earnings before financial result and taxes were BRL 724.927 million compared to BRL 761.698 million a year ago. Earnings before taxes on income were BRL 566.158 million compared to BRL 639.147 million a year ago. EPS was BRL 3.52 compared to BRL 4.04 a year ago. Adjusted profit was BRL 1,135.555 million compared to BRL 1,124.332 million a year ago. Net cash generated by operating activities was BRL 662.712 million compared to BRL 672.459 million a year ago. Purchase of intangible and fixed assets was BRL 911.759 million compared to BRL 706.033 million a year ago. Adjusted EBITDA (excluding construction result) was BRL 1,140.390 million compared to BRL 1,127.953 million a year ago.
Companhia de Saneamento de Minas Gerais Copasa MG, formerly Companhia Mineira de Agua e Esgoto - Comag, is a Brazil-based company engaged in the water supply and sanitation services. The Company's activities are divided into three business segments: Water services, Sewage services and Sale of products. The Water services division focuses on managing water supply system and distributing water through mains in the state of Minas Gerais, Brazil. The Sewage services division is responsible for the collection, treatment and disposal of waste water. The Sale of products division includes producing, bottling, distributing and selling mineral water. In addition, the Company renders construction, improvement and repair services in the water utilities infrastructure. It operates through a number of subsidiaries, such as Copasa Servicos de Saneamento Integrado do Norte e Nordeste de Minas Gerais SA, Copasa Servicos de Irrigacao SA and Copasa Aguas Minerais de Minas SA.