EDP Renovaveis Jan-Sep 2013 net profit jumps 10%

(SeeNews) – Oct 30, 2013 - The net profit of EDP Renovaveis (ELI:EDPR), the green energy arm of Portuguese power utility EDP (ELI:EDP), grew 10% year-on-year for the nine months to September 2013 to EUR 102 million (USD 140.3m), the company said today.

The rise was attributed to the higher wind resource on the Iberian Peninsula and the noncontrolling interest in windparks sold to Borealis and CTG, as part of the execution of the company's asset rotation strategy.

Renovaveis delivered 14.2 TWh of clean electricity, up 7% thanks to stronger wind resources in Europe and capacity growth, the company highlighted.

Revenue totalled EUR 1.003 billion, up 7%, due to higher electricity production and a better average selling price. Earnings before interest, tax, depreciation and amortization (EBITDA) improved by 5% to EUR 708 million. EBITDA grew despite the increase in operating costs of EUR 34 million. They include EUR 25 million stemming from the 7% tax on sales in Spain introduced in January this year, which was mitigated by a EUR 10 million year-on-year increase in other operating income.

Net debt decreased by EUR 112 million compared with end-December 2012 to a total EUR 3.194 billion.

(EUR 1.0 = USD 1.376)

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