EDPR's 9-mo net profit down 7% y/y

EDP Renovaveis SA (ELI:EDPR) booked a net profit of EUR 319 million (USD 372.6m) for the first nine months of 2020, noting a year-on-year decrease of 7%.

The renewables arm of Portuguese utility EDP - Energias de Portugal SA (ELI:EDP) said on Thursday that the net profit was mainly affected by lower earnings before interest, tax, depreciation and amortisation (EBITDA), which dropped by 12% to EUR 1.07 billion.

EDPR saw its earnings before interest and tax (EBIT) go down 18% to EUR 643 million in the same period.

Revenues dropped 8% to EUR 1.26 billion as higher selling prices could not help the company circumvent the impact from capacity, wind resource, favourable foreign exchange rates and other earnings.

Between January and September, EDPR generated 20.4 TWh of clean power, down 7% on the year, as a result of having less installed capacity following the execution of its deconsolidation plans. The company has sold 997 MW in Europe and 137 MW in Brazil.

As of September 2020, EDPR managed a total renewables portfolio of 11.5 GW, of which 11 GW were fully consolidated and 560 MW equity. The firm currently has 2.2 GW of new capacity under construction.

(EUR 1.0 = USD 1.168)

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