EDP Renewables revenues drop, profit climbs in H1

EDP Renovaveis SA (ELI:EDPR), or EDP Renewables, reported a 4% year-on-year increase in first-half (H1) net profit to EUR 139 million (USD 163m) in spite of a 7% drop in revenues.

The renewables arm of Portuguese utility EDP (ELI:EDP), said on Wednesday it had, as of June 18, 11 GW of renewable energy plants under management in 11 countries, of which 10.7 GW fully consolidated. The remaining 331 MW refer to equity stakes in Spain and the US.

Meanwhile, 1.1 GW of new capacity is under construction, the bulk of which in the US.

H1 earnings before interest and tax (EBIT) declined by 7% to EUR 427 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) came at EUR 686 million, falling 5% in annual terms.

EDP Renewables closed the first half of 2018 with revenues of EUR 923 million, down from EUR 988 million a year back due to the lower average selling prices and negative impact of foreign currency translations.

The company’s power plants produced 15.5 TWh of electricity in the six months, which is 6% higher than in the year-ago period. The improvement was attributed to capacity additions with a higher than expected load factor.

(EUR 1.0 = USD 1.173)

Choose your newsletter by Renewables Now. Join for free!