EDPR's Q1 net profit goes down 35% y/y

EDPR's Maple Ridge wind farm in the US. Source: EDPR. License: All rights reserved.

May 9 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) reported on Wednesday a net profit of EUR 61 million (USD 68.3m) for the first quarter (Q1) of 2019, a year-on-year decrease of 35%.

The renewables arm of Portuguese utility EDP (ELI:EDP) saw its earnings before interest and tax (EBIT) go down 8% from EUR 252 million to EUR 233 million. Earnings before interest, tax, depreciation and amortisation (EBITDA), went up 1% to a total of EUR 385 million in the period in question, with the help of disposal gains.

Overall Q1 revenues contracted by 1% to EUR 521 million. Lower wind resources and the PTC expected discontinuity were in part offset by capacity additions, a higher average selling price and positive currency effects, the company pointed explained.

As at end-March 2019, EDPR managed 11.7 GW of renewable energy plants in 11 countries, of which 11.3 GW were fully consolidated. The remaining 371 MW refer to equity stakes in Spain and the US.

The company’s plants produced 8.4 TWh of clean power during the three-month period, 4% down when compared to a year earlier, EDPR noted.

(EUR 1.0 = USD 1.12)

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