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Eletrobras' first-quarter profit shrinks

SAO PAULO, May 16 (Reuters) - Brazilian state-controlled power utility Centrais Eletricas Brasileiras SA on Wednesday posted a net income of 56 million reais ($15.33 million) in the first quarter, down 96 percent from the same period a year earlier.

Eletrobras, as the company is known, reported in a securities filing higher provisions and lower gains from its stakes in other companies.

Brazil's largest electricity company said its earnings before interest, tax, depreciation and amortization, a common gauge of operational profitability known as EBITDA, was 1.244 billion reais, down 70 percent from the same period one year earlier.

Eletrobras has been included in the government's national privatization program. ($1 = 3.6529 reais) (Reporting by Carolina Mandl; Editing by Adrian Croft)