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.
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. ■