Bandeirante posts US$17mn profits in Q1

Brazilian power distributor Bandeirante posted net profits of 52.8mn reais (US$17mn) in the first quarter of 2004, turning round a 19.2mn-real loss in the same period 2003, the company said in a statement to the São Paulo stock exchange. Revenues from power sales rose to 614mn reais, up from 547mn reais in 1Q03. Higher rates and a 21% increase to 230mn reais in revenues from sales to residential consumers were behind the increase. However, total power sales fell to 2,363GWh in the first three months of 2004 from 2,442GWh in the same year-ago period. Sales to industrial customers fell 0.8% to 217mn reais and sales to commercial clients rose to 113mn reais from 90.7mn reais. Net financial expenses plunged to 8.7mn reais from 41.6mn reais. The company spent less on swap operations and debt servicing, the statement said. Portugal's state-owned EDP controls Bandeirante, which sells power to 1.3 million clients in 28 towns in São Paulo state.