VBC Energia reverses loss with US$95.5mn profit in 2004

Brazilian power utility VBC Energia reported a 260mn-real (US$95.5mn) net profit for 2004, reversing a year-earlier loss of 220mn reais. Net revenue rose 5.9% to 3.10bn reais and gross profit increased 2.5% to 800mn reais. Operating costs fell 40% to 248mn reais. The company had a 97.5mn-real operating profit in 2004 against a 208mn-real operating loss the previous year. Gains per share stood at 67.8 reais last year. At the end of 2004, VBC Energia's net equity amounted to 929mn reais. All figures are consolidated.