EDP Renovaveis posts 109% Y/Y jump in H1 2011 profit
Jul 27, 2011 - Portuguese power utility EDP Renovaveis (ELI:EDPR) closed the first half of 2011 with a net profit of EUR 90 million (USD 130.7m), an annual surge of 109%.
The positive result reflected the operating performance in the period, the extension of the projects' useful life and capital gains from sales of stakes, the company said in a filing with Portugal's bourse regulator CMVM this morning.
The revenue grew by 18% year-on-year to EUR 547 million between January and June 2011. The operating costs, on the other hand, totalled EUR 137 million, an increase of 15%.
The earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 409 million, up 19% in annual terms. The EBITDA margin rose to 75% in the first half of 2011 from 74% a year earlier.
EDP Renovaveis' net debt expanded to EUR 3.285 billion from EUR 2.848 billion.
The company installed new 486 MW capacity in the first six months of the year. The electricity output for the period increased by 27% on the year to 8,790 GWh. However, the average selling electricity price declined by 6%.