Companhia Energetica de Minas Gerais (CIG), or CEMIG, shares were down more than 3% in recent premarket activity Friday after the company reported lower adjusted net profit.

The company reported Q3 adjusted net profit late Thursday of 780.2 million Brazilian reais ($146.9 million), down from 1.12 billion reais a year earlier.

Net revenue for the quarter was 10.62 billion reais, compared with 10.15 billion reais a year ago.