EDPR's 9-mo net profit down 54% y/y

EDP Renovaveis SA (ELI:EDPR) booked a net profit of EUR 148 million (USD 171.3m) for the first nine months of 2021, noting a year-on-year decrease of 54%.

The renewables arm of Portuguese utility EDP - Energias de Portugal SA (ELI:EDP) said on Wednesday that the net profit was partially offset by to an improvement of the average cost of debt, lower financials and a higher generation in year-over-year terms.

Earnings before interest, tax, depreciation and amortisation (EBITDA), dropped by 15% to EUR 917 million, while earnings before interest and tax (EBIT) went down by 27% to EUR 472 million.

Revenues decreased 5% to EUR 1.19 billion as new capacity additions could not help the company avoid the impact from unfavourable foreign exchange effects, less money from sell-downs, low wind resource, lower average selling price, mostly driven by Spain and the US, and other adverse outcomes.

Between January and September, EDPR generated 21.5 TWh of clean power, up 5% on the year, as a result of having more installed capacity over the last year together with a stable wind resource.

As of September 2021, EDPR managed a portfolio of 13 GW of operating renewable energy assets. Of the total, 12.3 GW were fully consolidated and 0.8 GW equity. The company currently has 2.7 GW of new projects under construction, with the capacity spreading between onshore wind, solar and equity participation in offshore wind projects, EDPR said.

(EUR 1.0 = USD 1.158)

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