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Portugal EDP's profit drops 22%

Christian Fernsby ▼ | September 4, 2020
Portugal’s largest utility, EDP, on Thursday reported a 22% drop in first half net profit to 315 million euros ($372 million) after the coronavirus pandemic reduced energy consumption in Iberia and Brazil.
Portugal   EDP
EDP said the drop in power usage in Portugal during the lockdown had also led the company to announce the closure of Sines coal plant in 2021, earlier than planned, “which implied the booking of a one-off cost of 130 million euros”.

Topics: EDP

EDP said in a statement its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) contracted 3% to 1.87 billion euros.

The volume of electricity sold in Iberia fell by 7% whereas electricity consumption by clients in Brazil decreased by 9%.

EDP’s wind energy subsidiary EDP Renewables, reported earlier on Thursday a 26% fall in net profit to 255 million euros, with its revenues falling 9% to 913 million euros.

EDP said its recurring net profit still grew 8% to 509 million euros as wetter conditions compared with an extremely dry first half a year ago improved hydroelectricity revenue.

Consolidated net debt was stable at 14.1 billion euros, while capital expenditure increased 11% to 920 million euros.