EDPR's Q1 revenues remain flat but profit rises 39%

EDP Renovaveis SA (ELI:EDPR), or EDP Renewables, today posted a 39% year-on-year rise in first-quarter (Q1) net profit to EUR 94 million (USD 112m) even as revenues were flat at EUR 528 million.

The Spain-based renewables arm of Portuguese utility EDP (ELI:EDP) recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 381 million in January-March 2018, which is an increase of 2%.

EBIT went up 4% to EUR 252 million because of lower depreciation and amortisation costs.

As at end-March 2018, EDPR managed 11 GW of renewable energy plants in 11 countries, of which 10.7 GW were fully consolidated. The remaining 331 MW refer to equity stakes in Spain and the US.

The company’s assets produced 8.8 TWh of power during the three month period, for a 14% year-on-year rise. This was attributed to capacity additions with a higher than expected load factor.

(EUR 1.0 = USD 1.188)

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