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On March 23, 2009 Companhia Energetica de Minas ( CIG) reported a 1.4% year-over-year growth in its Q4 FY08 earnings driven by a 39.0% increase in financial revenue. Net income stood at Brazilian Real (R$) 281.00 million compared R$277.00 million a year ago.

Net revenue grew marginally to R$2.76 billion from R$2.73 billion, driven by higher revenue from transmission grid, gas supply and sales to end customers, offset by lower tariffs for the use of the distribution system (TUSD) and wholesale supply and transactions in the CCEE. Sales to end customers improved 1.8% to R$ 3.21 billion from R$ 3.15 billion, while revenue from use of the transmission grid more than doubled to R$333.00 million from R$166.00 million. Operating revenue from the supply of gas, and other revenue advanced 8.0% and 195.5% to R$ 95.00 million and R$ 65.00 million, respectively. Revenue from TUSD fell 26.4% to R$259.00 million, and revenue from wholesale supply and transactions in the CCEE dropped 53.5% to R$164.00 million. At the same time, financial revenues spiked 39.0% to R$ 253.00 million from R$182.00 million.

Total volume of electricity sold during Q4 FY08 increased 0.4% to 15,006,756 MWh from 14,951,082 MWh in the prior year's quarter, fueled by a 7.9% increase in industrial sales, 7.1% rise in commercial sales and 6.0% rise in residential sales. Sales of the distribution company, Light SESA slipped 0.9% to 1,139 MWh from 1,149 MWh, hurt by 0.9%, 2.7%, and 0.5% decline in residential, commercial, and other sales, respectively. Total operating expenses increased 4.4% to R$ 1.98 billion from $ 1.90 billion, while financial expenses plunged 10.4% to R$ 329.00 million from R$ 367.00 million.

Recently, CIG acquired 49.0% stake in three wind energy projects in northeast Brazil for R$ 213.00 million ($92.30 million).

For FY08, CIG's net income rose 8.3% to R$ 1.89 billion from R$ 1.74 billion in FY07, while its annual revenue grew 6.3% to R$ 10.89 billion from R$ 10.25 billion a year ago. Total consumers at the end of December 2008 advanced 2.7% to 10,602,039.

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