EDP 1st Half Net Profit Fell on Portugal Drought, Investment

   By Joshua Kirby 
 

EDP-Energias de Portugal SA said Thursday that net earnings fell in the first half amid drought in its home market and higher investment in renewable-energy capacity.

The Portuguese energy company reported a net profit of 306 million euros ($312 million) in the six months to the end of June, 11% lower on year. The result was boosted by good performance in Brazil, but penalized by a loss of EUR111 million in Portugal in a context of extreme drought and high prices in the electricity wholesale market, EDP said.

Recurring earnings before interest, taxes, depreciation and amortization increased 13% on year at constant currency to EUR1.94 billion, with an increase in the renewables segment, but a steep decline in hydro, client solutions and energy management amid the drought, EDP said.

Investment meanwhile increased 23% on year to EUR1.7 billion, almost entirely in renewables and electricity networks, EDP said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

July 28, 2022 13:12 ET (17:12 GMT)

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