Portugal's EDP first quarter profit jumps 17% on Brazil business
LISBON, May 9 (Reuters) -Portugal's largest utility EDP EDP.LS reported a bigger than expected 17% jump in first quarter net profit on Thursday, boosted by earnings from its Brazilian unit after a successful full takeover.
EDP said in a statement that its consolidated net income rose to 354 million euros ($381.54 million) in the quarter, while analysts polled by LSEG had expected, on average, a profit of 316 million euros.
Profit at its renewables unit EDP Renovaveis (EDPR) EDPR.LS, the world's fourth-largest wind energy producer, rose 4% to 68 million euros as strong capital gains made on the sale of wind farms offset falling revenue.
EDP said recurring net profit rose 20% year-on-year to 368 million euros, supported by the growing contribution of Brazilian electricity networks after the buyout of EDP Brasil minorities concluded in August, giving it control of 100% of the company's capital, up from around 56% previously.
EDP said its earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 5% to 1.34 billion euros, mainly due to lower margins at its integrated Iberian business.
It said strong hydro volumes in Iberia were offset by lower electricity prices, citing a 53% fall in Spanish spot electricity prices.
EDPR cut its investment plan for 2024-26 by a fifth, blaming lower power prices and high financing costs. It will now invest 12 billion euros ($13 billion) over the three years, down from an initial plan of 15 billion euros.
($1 = 0.9278 euros)
Reporting by Sergio Goncalves;
Editing by Kirsten Donovan
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