EDPR's net profit falls by 44% y/y in H1 2021

Madrid-based renewables company EDP Renovaveis SA (ELI:EDPR) has recorded a net profit of EUR 142 million (USD 167.6m), down 44% year-on-year, in the first half of 2021.

Total revenues for the period decreased by 6% to EUR 856 million because of sell-down transactions and a lower average selling price, as well as due to the impact of the tough weather conditions in the US during the first quarter of the year. Earnings before interest, tax, depreciation and amortisation (EBITDA), dropped by 13% to EUR 654 million.

In January-June 2021, the company generated 15.3 TWh of clean power, up 5% on the year, as a result of capacity additions over the last 12 months and a stable wind resource.

At the end of the reporting period, the company managed a portfolio of 12.6 GW of operating assets. Of these, 11.7 GW were fully consolidated, while 841 MW are equity stakes in Spain, Portugal, the US and offshore projects.

At present, EDPR is building 2.9 GW of new renewables, including onshore wind, solar photovoltaic and equity stakes in offshore wind projects, the company noted.

(EUR 1.0 = USD 1.181)

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