October 31 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) booked a net profit of EUR 165 million (USD 192m) in the first nine months of 2017, a year-on-year surge of 468%.
When adjusted for one-offs, including a depreciation schedule adjustment, net profit grew 45% to EUR 160 million, the company's results showed today.
EDPR, majority owned by Portuguese utility EDP (ELI:EDP), saw its earnings before interest, tax, depreciation and amortisation (EBITDA) increase 17% in the period to EUR 991 million, thanks to a rise in revenues and a EUR-29-million gain from the sale of a stake and loss of control of UK offshore project.
Revenues were up 11% to EUR 1.35 billion, aided by capacity additions. Over the past year, EDPR expanded its portfolio by 917 MW. Its global portfolio now stands at 10.7 GW.
Electricity generation increased 10% to 19.8 TWh, reflecting the capacity additions, as well as a higher load factor of 30% compared to 29% in the first nine months of 2016.
(EUR 1 = USD 1.164)