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Article: AES Tiete Recorded Net Income of R$ 215.3 Million in 1Q09, Which Will Be Fully Distributed as Dividends.
- Article from:
- PR Newswire
- Article date:
- May 14, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAO PAULO, May 14 /PRNewswire-FirstCall/ -- AES Tiete S.A. (Bovespa: GETI3 and GETI4; OTC: AESAY and AESYY) today announced its results for the 1st quarter, 2009.
Comments by Mr. Alexandre Innecco - CFO and Investor Relations Officer
AES Tiete's EBITDA was R$ 341.6 million, 8.8% higher than in 1Q08, while net income totaled R$ 215.3 million, which represented an increase of 24.6% compared to the same period the previous year. The higher price of energy sold through the bilateral contract (13.44%), adjusted annually in July by the IGP-M, the reduction of costs and expenses and higher financial income positively impacted the Company's results.
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