Brazil's Eletrobras expects to return to profit in 2014, CEO says

Reuters

BRASILIA, March 28 (Reuters) - Studies conducted by Brazilian state-run electricity utility Centrais Eletricas Brasileiras suggest the firm will return to profit in 2014, Chief Executive Officer José da Costa Carvalho Neto said in a press conference to discuss fourth-quarter earnings on Friday.

The company, known as Eletrobras, posted a net loss of 5.5 billion reais ($2.42 billion) for the quarter as it continued to adapt to government-mandated tariff reductions.

(Reporting by Leonardo Goy; Writing by Asher Levine)

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