SAO PAULO (Reuters) – Brazilian electric utility Eletrobras posted on Wednesday a third-quarter loss of 88,000 reais ($16,967.45), down from the 965 million reais profit it saw one year ago.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 36% to 3.197 billion reais.

Net operating revenue reached 8.033 billion reais, down 13%.

The earnings results were mainly hit by a reduction of 1.941 billion reais in transmission revenues, which are readjusted

by inflation indexes, the company said.

Eletrobras is going through a major overhaul after the Brazilian government privatized its largest utility through a $6.5 billion public offering. Last month, the firm offered voluntary layoffs to over 2,000 people, or about 22% of its workforce.

(Reporting by Peter Frontini and Carolina Pulice, Editing by Isabel Woodford)