Day: March 30, 2020

Eletrobras profit falls 77% to $ 620 million

Eletrobras announced a net profit of R$ 3.1 billion ($ 620 mn) in the fourth quarter of last year, a result 77% lower than that recorded in the same period of the previous year, the company said in a statement. According to the state company, the drop in performance is explained by the positive non-recurring effects that influenced the company’s results in the last quarter of 2018.

Grinding of sugarcane has high of 88% in Brazil

Mills in the Center-South region of the Brazil processed 88% more sugar cane in the first half of March compared to the same period last year, according to data recently released by the Union of the Sugarcane Industry (Unica) . According to the survey, the milling in units that concentrate around 90% of national production was 2.99 million tons, compared to 1.59 million registered a year ago.

Central Bank will help SME’s in $ 8 bn

Brazilian Central Bank stated that the R$ 40 billion ($ 8 billion) payroll financing program for small and medium-sized companies is being put into operation. The bank also emphasized the innovative character of the initiative, announced last Friday, the 27th, and which targets businesses with annual revenues between R$ 360 thousand ($72 thousand) and R$ 10 million ($ 2 million).

10% of the Brazilian franchises will break

With the isolation caused by the coronavirus, franchises in sectors such as tourism, food and services already face the crisis in a severe way. In this scenario, 10% of the country’s franchises will break. Many franchises do not have enough cash to survive the crisis.

BNDES will help Brazilian airlines with debentures

The National Bank for Economic and Social Development (BNDES) will use the model of convertible debentures until the end of April to help airlines that are being strongly affected by the fall in demand in the face of the coronavirus pandemic, and may replicate the model in other sectors, said the bank’s president.