SÃO PAULO–Transmissora Alianca de Energia Eletrica SA’s shares fell 2.8% Thursday after the Brazilian power company posted disappointing earnings for the fourth quarter.
Taesa’s shares fell to 36.21 reais ($6.88), after being up 7.4% from the end of last year through Wednesday’s close.
Brazil’s benchmark Ibovespa stocks index was up 0.9% in mid-afternoon trading.
Taesa said Wednesday evening that it had net income of BRL22.8 million in the quarter, down from net income of BRL423.1 million a year earlier.
Revenue and consolidated EBITDA both came in below expectations, according to analysts at Brazilian investment bank Itaú BBA, which has an underperform rating for Taesa’s shares.