Cia. Paranaense de Energia, the largest electricity distributor in Brazil’s southern region, fell the most in five months after reporting fourth-quarter earnings that fell short of some analysts’ estimates.
Shares (CPLE6) of Cia. Paranaense, known as Copel, slid 3.5 percent to 43.19 reais at the close in Sao Paulo, the largest loss since Oct. 17. The stock has gained 11 percent this year. The benchmark Bovespa index fell 1 percent today.
Net income attributed to the company’s controlling shareholders rose 21 percent in the fourth quarter from a year earlier to 182 million reais ($100 million), Copel said in a statement yesterday. Analysts expected adjusted net income of 233 million reais, the median of nine estimates compiled by Bloomberg.
“Copel reported weak 4Q11 results on higher-than-expected personnel and provision expenses,” Sergio Tamashiro, an analyst at Banco J. Safra SA, wrote in a report today. “Copel reported 208 million reais in provision expenses, almost four times our 54 million reais estimate.”
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