Rio,14/8/2003(Agencia Brasil-ABR) - The Light electricity company of Rio de Janeiro, which serves 31 muncipalities in the state, saw its revenue shrink by 4.3% in the first half of this year, compared to the same period last year. According to the company, the main reason for the decrease was a fall of 34.2% in industrial electricity consumption, due to lower industrial output, combined with the loss of large customers who have opted for auto-generation.

The company lost R$298 million in the first half, with slightly more than half of that in the second quarter (R$163 million). That comes on the heels of losses in 2002 totalling almost R$150 million. The stronger real (Brazil's currency) did not favor Light (as it has many other Brazilian companies with dollar debts) for the simple reason that Light's debt is not dollar-linked.

In a note to the Brazilian Security Exchange Comission (CVM), Light reports that in spite of its difficulties its debt payments are being made in a timely fashion, including interest and other financial charges on that debt. (AB)