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Eletrobras Rises as First-Quarter Earnings Exceed Estimates

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May 30 (Bloomberg) -- Centrais Eletricas Brasileiras SA, South America’s largest power generator, rose the most in a month after reporting a first-quarter profit that exceeded analysts’ estimates.

Shares of Eletrobras, as the company is known, gained 2.5 percent to 17.90 reais at the close in Sao Paulo. The benchmark Bovespa index slid 1.5 percent.

Net income dropped to 1.27 billion reais ($632 million) from 1.28 billion reais a year earlier, the Rio de Janeiro-based utility said yesterday in a regulatory filing after the markets closed. The result was above the 856 million reais adjusted earnings estimated by analysts in a Bloomberg survey.

The stronger real boosted the value of dollar-denominated receivables from Itaipu, the world’s second-largest hydroelectric station. Brazil’s real gained 2.2 percent in the first quarter.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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