CFLCL posts H1 net losses of US$4mn

Brazilian power company CFLCL posted consolidated net losses of 11.9mn reais (US$4mn) in the first half of 2004, compared to 24.7mn-real losses in the same period of 2003, the company said in a statement. Gross operating revenue rose to 777mn reais from 592mn reais in 1H03. The increase was mainly due to 14-21% tariff hikes in the holding's five distributors, since overall power sales volumes fell 2.7% in the year-to-year comparison, the company said. Financial expenses rose to 100mn reais in the first six months of 2004 from 98mn reais in 1H03, the company said. The company's debt on June 30, 2004 was 1.2bn reais, 437mn of which matures in the next 12 months. Minas Gerais state-based CFLCL and its subsidiaries sell power in the southeast states of Minas Gerais and Rio de Janeiro, and Sergipe and Paraíba in the northeast.