Jul 25, 2012 - Portuguese green power firm EDP Renovaveis (ELI:EDPR) today reported a 12% year-on-year net profit rise to EUR 100 million (USD 120.7m) for the first half of 2012.
Revenues grew by 23% to EUR 673 million, due to a 10% average rise in the sale prices of electricity, the company said in a regulatory filing. The power output expanded by 13% to 9,918 GWh, following an increase of the installed capacity.
Earnings before interest, tax, depreciation and amortisation (EBITDA) also expanded by 23%, to EUR 504 million. EBITDA margin remained unchanged at 75%.
EBIT rose by 42% to EUR 282 million and operating costs widened by 24% to EUR 170 million.
EDP Renovaveis cut its investments by 67% to EUR 113 million, of which only EUR 9 million were channelled to Portugal.
The company's net debt stood at EUR 3.533 billion at end-June 2012.