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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.

Coronavirus: Caixa announces $6.6bn into the economy

Caixa Econômica Federal announced new measures to stimulate the economy during the new coronavirus pandemic. Changes range from a reduction in interest rates to an increase of R$ 33 billion ($ 6.6 billion) in credits and working capital, in addition to the R$ 78 billion ($ 15 billion) announced last week.

Petrobras suspends dividends of $340mn

Petrobras postpones the payment of dividends of R$ 1.7 billion ($ 340 million) for 2019 to December, due to the war against the coronavirus, which caused a drop oil prices and reduced consumption, factors that put pressure on the company’s cash. Petrobras decided to reduce oil production on its platforms located in shallow waters (with higher extraction costs), totalling 100 thousand barrels per day.

Embraer has a loss of $76mn

Embraer had a net loss of R$ 383.6 million ($ 76 million) in the fourth quarter of 2019, reversing a net profit of R$ 79.7 million ($ 15 million) a year earlier. The adjusted Ebitda fell to R$ 270.7 million ($54 million), from R$ 502.8 million ($100 million) a year earlier. The data show that Embraer reached R$ 8.6 billion in net revenue in the 4th quarter, and the operating result in that period includes the recognition of R$ 294.2 million ($58 million)to impairment in the executive aviation segment.

IATA projects 40% drop in Brazil in 2020

The International Air Transport Association (IATA), which brings together the 300 largest airlines in the world, projects a 40% drop in revenue for the airline industry in Brazil in 2020, compared to last year, because of the effects of the covid-19 pandemic. . In revenue, the estimated loss is $ 7.7 billion in the country this year.

Ibovespa rises and accumulates high of 22%

The Ibovespa closed higher for the third consecutive trading session this Thursday (26th), accumulating an increase of 22.24% since last Monday. The Exchange followed the performance of foreign markets. The Dow Jones and S&P 500 indices were up more than 6%, extending gains from the last few sessions.