Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

CTEEP Falls After Posting Biggest Loss in at Least Eight Years

Cia. de Transmissao de Energia Eletrica Paulista, which transmits power in the state of Sao Paulo, tumbled after posting its biggest loss in at least eight years.

Shares of CTEEP, as the utility is known, declined 5.1 percent to 31.73 reais at the close in Sao Paulo, the most in four months. Brazil’s benchmark Ibovespa index fell 1 percent.

CTEEP reported a third-quarter loss of 245.3 million reais ($112.5 million) in a filing yesterday, its biggest deficit in Bloomberg data going back to 2005. The company set aside 516.3 million reais to cover possible losses related to a lawsuit against Sao Paulo state that sought reimbursement for some labor costs. The company said in the filing that a Brazilian court had dismissed its suit.

Booking the loss may be a sign that CTEEP believes “the possibility of collecting those amounts is lower now,” Marcelo Britto, Kaique Vasconcellos and Marcello Scarparo, analysts at Citigroup Inc., wrote in a note to clients today. Citigroup cut its recommendation on the stock to the equivalent of hold from buy.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.