EDPR wind farm in Portugal. Source: EDP Renovaveis SA. License: All rights reserved
EDP Renovaveis SA (ELI:EDPR) today posted a net profit of EUR 68 million (USD 74m) for the first quarter of 2017, marking a fall of 9% year-on-year in spite of a 4% rise in revenues.
Adjusted net profit dropped by 20% to EUR 67 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 2% to EUR 373 million, reflecting lower wind resource than the "outstanding" wind conditions in the first quarter of 2016. EBITDA was also impacted by the increase in other operating costs related to property taxes timing in the US, the renewables arm of Portuguese utility EDP (ELI:EDP) said.
Revenues increased 4% to EUR 528 million, aided by capacity additions, which offset the less favourable wind conditions. Over the past year, EDPR added 702 MW to its installed capacity, including 429 MW in the US and 200 MW in Mexico.
Electricity sales increased by 2% to EUR 460 million as electricity generation was also up by 2% to 7.7 TWh.
As of March 17, EDPR had a global portfolio of 10.4 GW, with onshore wind accounting for the vast majority of it. A portion of 356 MW is equity consolidated and the rest is fully consolidated.