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Brazil's state-run Eletrobras Q1 profit soars

SAO PAULO, May 14 (Reuters) - Brazilian state-controlled power utility Centrais Eletricas Brasileiras SA on Tuesday posted a first-quarter profit almost three times the size of its earnings a year earlier.

Eletrobras, as the company is known, reported net income of 1.347 billion reais ($337.36 million), up from 484 million. Profit was helped by higher revenue and smaller losses on discontinued operations.

($1 = 3.9928 reais) (Reporting by Carolina Mandl; editing by Jason Neely)