Cemig Posts Profit of 710 Million Reais, Beating Estimates

March 28 (Bloomberg) -- Cia. Energetica de Minas Gerais, Brazil’s third-largest electricity producer by market value, posted fourth-quarter net income of 710 million reais, beating analysts’ estimates.

Analysts expected the company, known as Cemig, to post net income of 470 million reais excluding extraordinary items, according to a Bloomberg survey.

Net sales totalled 4.3 billion reais in the quarter, according to a regulatory filing.

Cemig rose 1.8 percent yesterday to 44.10 reais in Sao Paulo. The benchmark Bovespa stock index fell 1 percent.

To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net