LISBON (Reuters) -EDP Renovaveis, the world's fourth largest wind energy producer, said on Thursday its first quarter net profit fell 24%, despite a solid revenue increase, as it did not make any
EDPR Reports 24% Profit Decline Amid Revenue Growth
LISBON (Reuters) -EDP Renovaveis, the world's fourth largest wind energy producer, said on Thursday its first quarter net profit fell 24%, despite a solid revenue increase, as it did not make any capital gains in the period unlike a year earlier.
The renewables arm of Portugal's EDP said net profit fell to 52 million euros ($58.78 million), slightly below the 54.8 million euro average forecast by analysts polled by LSEG.
The company said it booked no capital gains from the sale of wind and solar assets – part of a strategy of disposing stakes in mature plants to finance new ones – in the first quarter. A year ago, it logged 58 million euros in this type of gains.
Its overall revenues grew 21% to 763 million euros on the back of a 10% increase in power production to 10.9 gigawatt-hours (GWh), "with Europe and North America representing more than 80% of total generation output", it said in a statement.
Consolidated earnings before interest, taxes, depreciationand amortisation (EBITDA) rose 5% year-on-year to 476 million euros, beating the average forecast of 466 million euros.
($1 = 0.8846 euros)
(Reporting by Sergio Goncalves; editing by Inti Landauro)
