(Reuters) – Brazilian power company Eletrobras (ELET6.SA) on Wednesday reported a third-quarter net profit of 1.47 billion reais ($302 million), swinging back to the black after a small net loss of 88,000 reais a year earlier.
Analysts polled by LSEG had forecast a profit of 1.44 billion reais for Latin America’s largest utility for the three months ended Sept. 30.
Eletrobras said in a securities filing the results were driven by higher revenues in its power transmission unit, which led group net revenue up 9% in the quarter to 8.78 billion reais.
The company dubbed it a “solid quarter” and said it had managed to “speed up a value creation strategy”.
Eletrobras, formerly a state-run company, was privatized in June of last year when the Brazilian government diluted its stake in the firm in a transaction worth more than $6 billion, making it a company with dispersed ownership.
($1 = 4.8724 reais)
Brazil Energy Insight 
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